From January, the threshold at which this cap is activated on the wholesale market will be increased by 5 euros/MWh.
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The price that electricity and gas will have in 2023 is one of the great unknowns, in the hands of factors such as the war in Ukraine, the instability of the markets or the weather.
To address this volatility, on May 13, the Government of Spain approved the Iberian exception, a temporary measure (Royal Decree-Law 10/2022) which aims to adjust the price of electricity by setting a maximum reference price for natural gas that is used to produce electricity. As the name itself implies, it is a “ceiling” and not a cut or discount.
The European Commission’s approval of the Iberian exception on June 8 meant that the measure took effect on the daytime market on June 15.
From January, however, the threshold at which this cap is activated on the wholesale market will be gradually increased by 5 euros/MWh. What has been established by the Spanish government and the Council of Europe is that the reference price for gas should initially be set at EUR 40/MWh for the first six months.
For example, from January the fixed limit will be 45 euros/MWh, compared to the 40 euros that applied until now, since it will have to be increased by 5 euros per month six months after the gas cap comes into force . . This restriction applies until May 31.
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Source: EITB
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.
