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Date Published: 04/05/2022

ARCHIVED - Spanish government backpedals on date to limit gas prices

ARCHIVED ARTICLE

Brussels is still awaiting the final document from Spain before it gives the money-saving measure the go-ahead

<span style='color:#780948'>ARCHIVED</span> - Spanish government backpedals on date to limit gas prices

It seems increasingly unlikely that the limit on the price of gas used to generate electricity will be enforced in the coming days, since several missing “technical details” mean that the governments of Spain and Portugal have not yet sent the final document to the European Commission for approval.

The cap on gas, which should have an immediate impact on the price of electricity bills for many consumers, will only come once the EC gives the proposal the green light, and spokesperson Isabel Rodriquez admitted on May 3 that there is great uncertainty about when this will actually happen.

The Commission has confirmed that it has still not received the document promised by the two governments last week, when it was finally agreed that gas could be capped at 50 euros/MWh for 12 months.

“According to the political agreement that was reached in principle on April 26, the Commission is waiting for the draft of detailed measures from Spain and Portugal, which have not yet been presented, either formally or in draft form,” EC representative Arianna Podesta said on Tuesday.

“This is essential information without which the Commission cannot complete its evaluation” of the proposal, she clarified, while insisting that Brussels remains “committed to urgently evaluating whether the temporary emergency measures in the electricity market proposed by Spain and Portugal are in line with the EU State aid rules.”

While Spain and Portugal are busy “polishing the details” of the vital document, Minister of Ecological Transition, Teresa Ribera, has backpedalled on her earlier claim that the money-saving measures would, “without a doubt,” be introduced next week, saying instead that this would “probably” be the case.

The disappointing delay comes on a day when electricity prices have once again rebounded by more than 5%, reaching 202 euros/MWh in the wholesale market.

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