The government will approve next Friday, a Council of Ministers of Extraordinary CharacterThe Iberian exception to the imposition of a maximum cap on the price of natural gas for electricity generation, a measure that would allow the electricity bill to be reduced by 30%, as announced by government spokesman and regional policy minister, Isabel Rodriguez.
In a press conference after the Council of Ministers, Rodriguez indicated that both Spain and the Portuguese government are “working intensively” to ensure that the decisions of the two countries regarding the mechanism are “coincidental” and implemented.
Spain and Portugal both announced this Monday that the European Commission gave his approval to the Iberian proposal To put a ceiling on the price of gas.
However, the Community Executive indicated that it had “recently” received a draft of the technical measure containing “a large number of relevant details” regarding the political settlement of the ‘Iberian Exception’, and assured that to date only Shared “a preliminary assessment”.
After difficult weeks of technical negotiations, Spain and Portugal sent their joint proposal to the European Commission late last week.
In accordance with the agreement reached with the Community Executive, the gas reference price will be initially determined by, approx 40 euros/MWh and enter the average price of 50 Euro/MWh during Applicable from 12 months.
The agreement, in line with the European Council’s decision on 24 and 25 March, would allow a temporary mechanism to be established, thus the so-called ‘Iberian Exception’, and provide coverage, in line with the treaty and regulations. Until the end of next winter.
In addition, all consumers will immediately benefit from this mechanism, especially those indexed in the daily market (spot), which is called a regulated rate, the so-called PVPC.