Since the middle of this month began to apply the so-called Iberian exception that allows limiting the price of gas in Spain and Portugal so as not to transfer it directly to the electricity bill, the large electricity companies have reduced their extraordinary profits by 250 million euros. The figure was made public this Thursday by the Third Vice President of the Government and Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, who, during an appearance before the Plenary Session of Congress, considered that this mechanism "has been effective in at least reducing the wholesale price”, reduce those benefits of large companies, “protect consumers” and serve as a “practical example for the rest of Europe” in the face of new initiatives.
Spain and Portugal propose to limit the price of gas to 30 euros to make electricity cheaper
Ribera explained that in the first fortnight of June the wholesale price in Spain remained in line with other European countries, but he stressed that "as of June 15, everything changes" coinciding with the application of the Iberian exception. "We have gone from having similar prices to having lower prices," she pointed out, quantifying that drop compared to other countries at between 45% and 55%. “These are very positive results”, she has settled.
In addition, he explained that for the fourth quarter of the year, experts quantify that Spain will pay an average of 149 euros per megawatt hour compared to 343 in Germany or 723 in France. “These price estimates confirm analysts' confidence in the proper functioning of the Iberian mechanism”, he added.
However, the vice president has warned of an “extraordinary, complex and worrying context in the short term”, due to the risk that Russia will cut off gas supplies to the countries of the European Union “from one day to the next”. In this context, she has valued that Spain has "a government that prioritizes solidarity". The country, she has said, "cannot neglect its domestic response" to the Russian threat, for which she has raised the need to implement measures to reduce energy dependence "which may be decisive in the coming fall."
The "vulnerability" of a model "based on fossil fuels"
Ribera has proposed "promoting supplier rediversification measures", promoting renewables and "prioritizing" energy savings in the face of the "aggressive strategy by Russia, described by many as energy blackmail". For her, however, a "united response" at the European level is "fundamental". “The EU principles and values are at stake”, she said, before remarking that “the crisis has revealed the vulnerability of an energy model based on fossil fuels”.
In addition to highlighting all the anti-crisis measures approved by the Government that, according to Ribera, will allow inflation to be contained at 3.5 points in the coming months, the vice president has called on all the parliamentary groups to "state sense to protect consumers vulnerable, middle classes and productive sectors” supporting the validation of the decree approved last week by the Council of Ministers.