Spain will ask Brussels to extend the Iberian exception at least until the end of 2024

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Spain will ask Brussels to extend the Iberian exception at least until the end of 2024

The Spanish government will also ask that the gas cap be kept at about 45 or 50 megawatts per hour.

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The third Vice President of the Government of Spain and Minister of Ecological Transition and for the Demographic Challenge, Teresa Ribera, has this Monday put forward that the Spanish government will ask Brussels to extend the Iberian exception at least until the end of 2024with a ceiling comparable to the current one, between 45 and 50 euros per megawatt hour (MWh).

The Iberian exception, which has been applied in Spain and Portugal since the past June 15, is a mechanism that maximizes the price of gas for electricity generation in order to lower the price of electricity. During the first six months of this measure, the price of gas was capped at EUR 40/MWh and from then on it will increase by EUR 5/MWh per month until May next year, when the validity of the solution expires.

Ribera has emphasized that in statements to Antena 3, collected by Europa Press until the reform of electricity market regulation takes place in Europewhich may take “a long time”, Spain wants to “continue to benefit” from the Iberian exception.

“We are going to present proposals to the Commission for the modernization of the electrical system, but also for the extension of the Iberian exception, after May 2023as long as this crisis lasts and until European regulations are updated,” he indicated. Likewise, he indicated that they would like the gas cap “to remain at the lowest possible environment, 45 or 50 MWh, and that could last in any case until the end of 2024,” he said.

The third vice president has explained that the “ups and downs” in the price of electricity depend very much on how much gas it takes to produce, so when there is a lot of renewable energy being generated, prices fall, but if more gas is needed to produce electricity, prices rise.

For this reason, it has insisted on the need to adapt the European electricity system reduce the volatility in the price of electricity and make it cheaper. In Spain, he pointed out, this has been partially achieved with some of the measures taken, such as tax cuts and the so-called Iberian solution.

In this sense, Ribera is confident that these measures, together with the debate on the modernization of the European electricity system, will contribute to “stability” prices during this year.

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Source: EITB

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