The Minister of Ecological Transition, Teresa Ribera, assures that the Spaniards have also saved 1,383 million euros with the Iberian exception to stop gas
The energy saving plan approved by the Council of Ministers celebrates this Wednesday a week in which its goal to reduce consumption is accelerated. As explained this Wednesday by the Minister of Ecological Transition, Teresa Ribera, electricity demand fell by 3.7% in the week from August 8 to 14 – with the measures already in place – compared to the previous one.
A decline that the third vice president says is in line with forecasts from the Executive, who is confident of honoring the commitment with Brussels to cut gas demand by 7% to reduce Russia’s energy dependency. Ribera stressed that the Executive hopes the savings plan’s measures will contribute more than half of that final amount.
The data also coincides with a period of extreme heat, for which Ribera has thanked the “commitment” and effort of society as a whole to adhere to measures such as temperature restrictions in certain sectors and street lighting failures. after ten o’clock in the evening.
During a speech from the island of Menorca, the minister also updated data on the so-called ‘Iberian exception’ for which the cap on gas prices came into effect two months ago, with the aim of assessing the impact of the price increases in wholesale markets on the consumer’s final bill.
This mechanism established a path for natural gas for electricity generation at a price of 40 euros/MWh in the first six months, and then a monthly increase of 5 euros/MWh until the end of the measure. Also. According to ministry data, the Spaniards have saved 1,383 million euros since its entry into force, compared to the costs they would have had to bear without the existence of that price cap. In total a saving of 22 million euros per day.
According to Ribera, the average price on the wholesale markets between June 15 and August 17 was 143 euros per megawatt hour, a figure to which the costs of the adjustment must be added to pay for the gas for electricity generation (the price). of the daily allowance to the gas companies to be paid by consumers benefiting from the measure, consumers of the regulated tariff (PVPC) or those who, despite being on the free market, have an indexed tariff).
The data reflects the effectiveness of the mechanism, especially when compared to the average costs assumed in other countries, such as France, where the average added 378 euros per megawatt hour. In Italy the average price was 422 euros and in Germany around 319 euros. “Today, all of Europe has a price of more than 500 euros per megawatt hour,” Ribera said.
“The figures show that the exception has worked as reinsurance for consumers,” he emphasized during his appearance for the media. The minister even emphasized that futures contracts, in the last part of the year, also show a lower impact of prices on household income. Specifically, the futures price in Spain moves around 158 euros, while in France it is around 375 euros and in Germany it is higher than 518 euros.
Source: La Verdad
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