Spain and Portugal reach an agreement with the European Commission about their plan to lower the price of electricity in the Iberian Peninsula
A month after the Spring European Council, Spain and Portugal reached a “political agreement” with the European Commission about their joint proposal to limit the price of gas and coal on which power plants run.
The aim is to lower electricity bills. As a result of the negotiations, the limit would begin at 40 euros per megawatt hour, rising to an average price of 50 euros MWh in the 12 months in which the emergency mechanism applies.
As the Vice President and Minister for Ecological Transition, Teresa Ribera, explained, the main points of the agreement are resolved pending formal notification to the Commission and the latter’s official green light in the coming days. The aim is that it enter into force in May, subject to approval by the Council of Ministers.
You will find this and other key issues in the European news, as well as a look at the main meetings in the European institutions during the week of May 2-6, in our newsletter “The EU in Headlines”.
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