So as long as the European Union (EU) does not modify it.
The European Commission has informed Spain and Portugal that the extension of the ‘Iberian exception’ cannot go beyond December 2023, the date on which the time frame for support measures for the war in Ukraine expires, so as long as the European Union (EU) does not modify it, the extension of the mechanism must abide by it.
This was conveyed by the Competition Commissioner, Margrethe Vestager, to the Third Vice President of the Government and Minister for Ecological Transition and the Demographic Challenge, Teresa Ribera, and the Minister for the Environment and Climate Action of Portugal, Duarte Cordeiro, at their meeting this Wednesday, according to what diplomatic sources have confirmed to Europa Press.
Announcement of Ribera
Although on January 9 Minister Ribera announced her intention to request an extension of the “Iberian solution” until May 2024, the same sources assure that Spain accepts the Brussels proposal as “very reasonable” and, likewise, Portugal he acknowledges that it would work for them too.
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 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 its validity ends.
This article is originally published on ultimahora.es
