Spain agrees with Brussels to extend the Iberian exception until December
The Council of Ministers will approve this Tuesday the regulations that will extend the validity of the so-called Iberian mechanism to reduce the price of electricity to homes and companies.
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The Vice President of Ecological Transition of Spain, 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 in the wholesale electricity market.
The Council of Ministers will approve this Tuesday the regulations that will extend 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 to homes and companies, Ribera said upon arrival in the meeting of the Energy Ministers of the Twenty-seven in Brussels.
“It has been worked on and closed and we have the agreement and support of the Commission”, said the third vice president of the Government, who has pointed out that the extension has to be “formally” approved by Brussels, but that the community authorities have given its “explicit endorsement”.
In Ribera’s opinion, it is a “tool” that “allows us to continue protecting 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 would go back into action “if it goes up again.”
Source: Eitb
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