Spain and Portugal have held meetings in Brussels to request the extension of the ‘Iberian exception’ and they have succeeded. Spain wanted it to be extended until May 2024 with a cap similar to the current onebetween 45 and 50 euros per megawatt hour.
The ‘Iberian exception’, which has been applied in Spain and Portugal since June 15, is a mechanism that caps the price of gas for electricity generation in order to lower the price of electricity. During the first six months of validity of this measure, the price of gas was capped at 40 euros/MWh and from there, it increases by five euros/MWh per month until May, when the validity of the ‘Iberian’ solution ends.
The extension has been requested while at the same time working on a reform of the electricity market at a European level to prevent a skyrocketing gas price from continuing to mark the price of the kilowatt hour.
-News pending expansion-
Source: Lasexta
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