The president of the Spanish government has explained that Brussels will “very soon” tackle the Iberian mechanism to limit the price of gas for electricity production. On the other hand, he has asked all groups for “explicit support” to expand anti-crisis measures resulting from the war in Ukraine.
The President of the Spanish government, Pedro Sánchez, is confident that the European Commission will “soon, very soon” agree to the Iberian mechanism to limit the price of gas for electricity production, which will involve a reduction of “between one 15 and 20%” on the invoice.
After approval by the European Commission, “the mechanism will come into effect automatically after the validation of the Royal Decree governing this matter.” as Pedro Sánchez explained this Wednesday in the plenary session of Congress. In his opinion, it will mean a cut of “between 15 and 20%” of the bill and have “an important protective effect against future increases in gas prices in international markets”.
The mechanism will be valid for 12 months and during the first weeks a gas price cap of EUR 40 per megawatt hour (MWh) will be set, which will then gradually increase to an average of approximately EUR 50/MWh over the period .
On the other hand, Sanchez has asked for the “explicit support” of all parliamentary groups so that at tomorrow’s plenary, Thursday, they will support the extension of measures against the crisis caused by the war in Ukraine.
Pedro Sánchez appeared before the plenary session of the Congress of Deputies this Wednesday to report on the latest extraordinary European Council and to report on the change in his government’s stance on the Sahara.
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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.
