The plan to limit the price of gas is delayed a week

Teresa Ribera confirms that, without the definitive approval of Brussels, the council of ministers will not be able to approve the proposal this Tuesday

The implementation of the plan of Spain and Portugal to lower the electricity bill by capping the price of gas will be delayed for at least one more week. The third vice president of the Government and head of Ecological Transition, Teresa Ribera, admitted on Monday that the Government is still working with Brussels to close the "last details" of the so-called 'Iberian exception', with which "probably" the measure cannot be approved in the council of ministers this Tuesday, May 3, as planned.

Upon her arrival at the extraordinary council of EU energy ministers, meeting yesterday in Brussels, the minister expressed confidence that, despite the complexity of the details to receive the definitive endorsement from the Commission, the measure can be approved "the next week".

Spain and Portugal have already agreed a "political agreement" with Europe to cap the price of gas used to generate electricity at an average of 50 euros per megawatt hour (Mwh), so that this translates into a reduction in retail prices. And it is that if the combined cycles, which represent 18% of the mix necessary to cover all the electricity demand in the last year, offer their energy at that limited price, the 'pool' will also be reduced. And the first ones who would notice it would be the clients of the regulated market (the so-called PVPC), since their rate is linked to that market.

The reduction achieved by Madrid and Lisbon, which in principle will have a 12-month application, is notable compared to the 90 euros at which gas now moves in the market. But it is less ambitious than the initial proposal of 30 euros that Spain and Portugal had originally defended.

The reluctance shown by some European partners, especially Germany, and the pressure from a large part of the electricity sector to avoid the proposal, forced the Iberian Executives to give in in this regard.

Despite this, and with the political agreement in hand, there is no risk that the measure will not be implemented in the coming weeks, although the fact that its final approval in the Council of Ministers will be delayed implies that the consumer will also It will take longer to note it on the invoice.

Specifically, Teresa Ribera herself explained last week that she was confident that the measure would already have an impact on the receipt for the month of May.

An objective that now becomes complicated since, if the 'Iberian exception' finally receives the green light in the council of ministers next Tuesday, May 10, citizens will not be able to notice its full effect until the June bill, when it has already passed a full month of consumption with the measure in force.

Despite this, from the Ministry of Ecological Transition it defends that the plan will be sufficient to lower the cost of electricity in the market and in its transfer to the price assumed by the final consumer.

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