Spain will ask Brussels to extend the 'Iberian exception' at least until the end of 2024

MADRID, 9 Ene.

Spain will ask Brussels to extend the 'Iberian exception' at least until the end of 2024

MADRID, 9 Ene. (EUROPA PRESS) -

The Third Vice President of the Government and Minister of Ecological Transition and for the Demographic Challenge, Teresa Ribera, has advanced this Monday that the Spanish Executive will ask Brussels to extend the 'Iberian exception' at least until the end of 2024, with a ceiling similar to the current one, between 45 and 50 euros per megawatt hour (MWh).

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 will increase by five euros/MWh per month until next May, when the validity of the solution ends. 'Iberian'.

Ribera, in statements to Antena 3 collected by Europa Press, stressed that until the reform of the regulation of the electricity market in Europe takes place, which may take "a long time", Spain "wants to continue benefiting" from the 'exception Iberian'.

"We are going to present to the Commission proposals for the modernization of the electrical system, but also the extension of the Iberian exception, beyond May 2023, until this crisis lasts and until the European regulation has been updated (... ) We would like (the gas cap) to remain in the lowest possible environment, 45 or 50 euros MWh, and that it can be extended at least until the end of 2024", he indicated.

The third vice president explained that the "ups and downs" in the price of electricity depend a lot on how much gas is needed to produce, so that when there is a lot of renewable energy generation, prices fall, but when more gas is needed to produce electricity , prices rise.

For this reason, he has insisted on the need to modify the European electrical system to reduce the volatility in the price of electricity and make it cheaper. In Spain, he has pointed out, it has been achieved in part with some of the measures adopted, such as tax cuts and the 'Iberian solution'.

In this sense, Ribera is confident that these measures, together with the debate on the modernization of the European electricity system, will contribute to giving "stability" to prices throughout this year.

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