May 18, 2022

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The Iberian exception in the energy market is the European green light

Spain and Portugal sigh with relief. The European Commission (EC) has finally given the green light to the Iberian exception in the European energy market, allowing Madrid and Lisbon to control gas prices in the wholesale electricity market.

April 28, 2022 at 1:28 pm

Replaced April 28, 2022 at 1:45 p.m.

Spain and Portugal sigh with relief. The European Commission (EC) has finally given the green light to the Iberian exception in the European energy market, allowing Madrid and Lisbon to control gas prices in the wholesale electricity market.

The “political agreement” between the two countries and the Electoral Commission was initiatedComing into effect next week, the cost is expected 40 euros per megawatt hour This will increase to 50 euros, which is half the current price of gas.

This is good news for both countries, which certainly have a large share of renewable energy, but have little contact with other EU member states. The agreement with the EU administration will pave the way for controlling the price of electricity First reduction in consumer bills in May.

“We have reached a political agreement with the European Commission,” Theresa Ribeirao, the Spanish government’s third deputy prime minister and minister for climate change and population challenge, told a news conference in the coming days. The process of “immediate implementation” and “obtaining the support of the Commission” will be completed.

“This is an agreement aimed at strengthening consumer protection, which is primarily subject to changes in the wholesale electricity market, by separating the price of natural gas from price formation,” he added.

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(With agencies)