Spain and Portugal announce “political agreement” with Brussels to cap gas prices




Spain and Portugal announce “political agreement” with Brussels to cap gas prices – Media24


















Spain and Portugal announce “political agreement” with Brussels to cap gas prices

Spain and Portugal announce “political agreement” with Brussels to cap gas prices

April 26, 2022 at 1:20 p.m

Changed Apr 26, 2022 at 1:24 p.m

The third vice president of the Spanish government and minister for ecological transition and the demographic challenge, Teresa Ribera, and the Portuguese minister for environment and climate change, José Duarte Cordeiro, announced an agreement with the European Commission to cap the price of gas on the wholesale electricity market.

“We have reached a political agreement with the European Commission,” Ms Ribera said during a press conference on Tuesday, April 26, after the meeting. She stressed that the procedure would be completed in the next few days in order to “have the support of the Commission” in order to “apply it immediately”.

Based on the agreement reached with the EU executive, the gas reference price will be set at around 40 euros/MWh and will mark an average price of 50 euros/MWh over the 12 months of the application this agreement.

Ms Ribera traveled to Brussels to meet EU Competition Commissioner Margrethe Vestager to discuss the proposal put forward by Spain and Portugal to limit the maximum price of natural gas for power generation – combined cycle and cogeneration – to €30 per megawatt hour ( MWh ), with the aim of reducing electricity bills.

The Portuguese Minister for Environment and Climate Protection, José Duarte Cordeiro, also took part in this meeting.

(with agencies)

Médias24 is a Moroccan online business newspaper providing business oriented information, markets, data and economic analysis. Find live and in real time, in photos and videos, all the economic, political, social and cultural news in Morocco with Médias24

Our newspaper is committed to providing you with accurate, original and unbiased information about the operators.

Leave a Comment