With this measure, which will be in effect for one year, the price of gas for electricity production will be limited to 48 euros per megawatt hour.
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The Spanish government will approve this Friday, at an extraordinary meeting of the Council of Ministers, the mechanism to limit the price of gas for electricity production, which will be around EUR 48.8/megawatt hour (€/MWh) over the twelve months that it will be in effect according to the President of the Executive Branch, Pedro Sánchez.
“It will be an important protection and a factor of predictability, tranquility and security in the face of possible increases in international energy prices, in a geopolitical scenario of enormous volatility,” Sánchez said on Thursday at a conference on European funds organized by eldiario.es.
On March 25, European Union leaders acknowledged that both Spain and Portugal needed “special treatment” to contain high electricity prices due to their low level of electrical interconnection with the rest of the region.
The European Council’s agreement opened the doors for the so-called “Iberian exception”, which managed to overcome the initial reluctance of partners such as Germany and the Netherlands and sought to have the two countries of the Iberian Peninsula take specific measures because of their status as ” energy island”.
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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.
