The Council of Ministers approves this Tuesday the regulations extending the validity of the so-called Iberian mechanism to reduce the price of electricity for homes and businesses.
Euskaraz irakurri: Salbuespen iberikoa abendura arte luzatzeko acordioa adostu du Espainiak Bruselarekin
Spain’s Vice President of Ecological Transition, Teresa Ribera, has announced that the government of Spain has reached an agreement with the European Commission for extend until December the Iberian exception, which limits the price of gas on the wholesale electricity market.
The Council of Ministers will approve this Tuesday the regulations extending the validity of the so-called Iberian mechanism, which has been applied in Spain and Portugal since June last year to reduce the price of electricity for homes and businesses, Ribera said on arrival at the meeting of the Energy Ministers of the Twenty-Seven in Brussels.
“It has been worked on and it is closed and we have the agreement and support of the Commission,” said the government’s third vice-president, pointing out that the extension must be “formally” approved by Brussels, but that community authorities have given their “express approval”.
According to Ribera, it is a “tool” that “allows us to continue to protect Spanish and Portuguese consumers until the end of the year” and that “probably will not be activated” if natural gas remains at “current prices”, but that it could return in take action “when it goes up again.”
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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.
