Spain, Portugal cut gas and electricity prices

Spanish and Portuguese authorities, p.He went to Brussels on the finish of March and began negotiations with the European Union (EU) officers towards the growing pure gas and electricity prices as a result of Ukraine-Russia Conflict, To start with, it demanded a restrict of 30 euros per megawatt of pure gas.

Settlement reached with EU

Portuguese Minister of Setting and Local weather Change Duarte Cordeiro and Spanish Minister of Ecological Transition Teresa Ribera Rodriguez made a joint assertion to the press in Brussels, “After weeks of intense technical work, a political settlement has been reached with the EU Fee” advised.

It is going to be mirrored within the invoices for the month of Could.

Emphasizing that the settlement, which can enter into pressure in a short while after the technical particulars to be finalized in just a few days and will probably be mirrored on the payments of Could, covers all shoppers, the 2 ministers famous that the settlement on lowering gas and electricity prices in Spain and Portugal will probably be legitimate for a sure time frame.

Pure gas worth will probably be restricted to lower than half of the present worth

In line with the settlement reached, it was famous that the pure gas worth per megawatt will probably be restricted to 40 euros (lower than half of the present worth) as a reference, and then this worth will probably be decided as 50 euros for a 12-month interval.

“whole lot”

Spanish Minister Rodriguez, in his evaluation on the topic, “It has been a vital settlement for shoppers each in business and at residence. Excluding the Iberian Peninsula granted by the Council of Europe, it’s a system that can assist us stop the electricity worth from rising within the spot market as a consequence of gas prices and allow industrial shoppers to learn from this low cost. The rise in gas prices within the coming months. It is a whole lot to guard us towards turbulence.” he mentioned.