Teresa Ribera confirms that, without the final approval from Brussels, the Council of Ministers cannot approve the proposal on Tuesday
The implementation of Spain and Portugal’s plan to cut electricity bills by lowering the price of gas has been delayed by at least another week. The government’s third vice president and head of the ecological transition, Teresa Ribera, admitted on Monday that the government is still working with Brussels to discuss the “final details” of the so-called “Iberian exception”, which “probably” will allow the measure to will not be approved as planned in the Council of Ministers on Tuesday 3 May.
Arriving at the extraordinary council of EU energy ministers, which met yesterday in Brussels, the minister expressed confidence that, despite the complexity of the details to obtain final approval from the Commission, the measure “will be implemented by next week.” can be approved.
Spain and Portugal have already signed a “political agreement” with Europe to limit the price of gas for electricity generation to an average of 50 euros per megawatt hour (MWh), translating into a reduction in retail prices. And it is that if the combined cycles, which represent 18% of the mix needed to cover the total electricity demand of the past year, offer their energy at that limited price, the ‘pool’ also shrinks. And the first to notice are the customers of the regulated market (the so-called PVPC), as their rate is linked to that market.
The reduction realized by Madrid and Lisbon, which will in principle have a duration of 12 months, is striking, compared to the 90 euros for which gas is currently on the market. But it is less ambitious than the initial €30 proposal that Spain and Portugal had initially defended.
The reluctance of some European partners, notably Germany, and pressure from much of the electricity sector to avoid the proposal, forced the Iberian Executives to give in in this regard.
Nevertheless, and with the political agreement in hand, there is no risk of the measure not being implemented in the coming weeks, although the fact that its final adoption in the Council of Ministers is being delayed means that consumers will too. take longer to note on the invoice.
In concrete terms, Teresa Ribera herself explained last week that she was confident that the measure would already have an impact on the reception of the month of May.
An objective that is now becoming complicated, because if the ‘Iberian exception’ is finally given the green light in the Council of Ministers next Tuesday, May 10, the citizens will not notice its full effect until the June bill, when it has already been passed. a full month of consumption with the measure in effect.
Despite this, the Ministry of Ecological Transition defends that the plan will be enough to reduce the cost of electricity in the market and in transfer to the price assumed by the final consumer.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
