Ribera corrects herself and leaves the expected 30% reduction in electricity at 15% when the price of gas hits

Javier Gonzalez NavarroFOLLOW, CONTINUEMadrid Updated: 05/23/2022 19:43h
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The Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, admitted this Monday that there is some "uncertainty" in calculating the exact reduction in the price of electricity once the cap on gas to generate electricity comes into force, but maintains that the forecast of the Executive is that it will fluctuate between 15 and 20%. Ribera corrects herself, since on numerous occasions she had maintained that the reduction in the price of electricity with the new mechanism would be 30%.

Speaking to journalists after attending the start of the dismantling of the Cepsa refinery in Tenerife, he commented that the final percentage depends on how the price of gas evolves and how many hours of the day the gas sets the final price, so "being prudent », sets the discount between 15% and 20%.

In addition, it should be noted that on March 25, when the European Council authorized the 'Iberian exception' to limit gas prices, the average cost of electricity in the Spanish wholesale market was 264 euros per MWh and for Tuesday is 180 euros, that is, 32% less.

The minister has said, however, that "the most important thing" is to achieve the price reduction that has occurred in recent months and the trend that gives security to the supply in the face of the gas cut that has occurred from Russia to Finland, for example.

Ribera has valued the "support" of the European Commission and the whole of the Union to the 'Iberian exception', because it gives "slack" to reach different price references in a market in which "it is very difficult" to modify the rates or promote contracting in the medium and long term, when 40% of domestic customers and 70% of industry are "indexed" to the wholesale market, reports Ep.

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