Teresa Ribera /
Teresa Ribera, the Minister for Ecological Transition, says Spain and Portugal will current a joint proposal to the EU to restrict the value per megawatt hour within the wholesale market
The Spanish Minister for Ecological Transition, Teresa Ribera, has confirmed that Spain and Portugal have drawn up a joint proposal to cap the value of electrical energy on the wholesale market to 180 euros per megawatt hour (MWh), the restrict that existed earlier than 2019 when an EU directive prohibited value caps.
This most restrict could be about 40 euros lower than the typical price of electrical energy on Thursday – 217 euros – and would keep away from conditions just like the report that was set earlier this month, when the value rose above 545 euros.
The concept is that this doc shall be introduced to the opposite EU member states within the subsequent few days, trusting that the upwardly spiralling costs, aggravated by the battle in Ukraine in current weeks, shall be accepted in Brussels. Nevertheless, to this point, the place of the European Fee, and particularly Germany, has been towards capping costs, significantly within the wholesale market.
Regardless of this, in a radio interview on Thursday, Ribera mentioned that “if solely two years in the past we thought it was loopy for the value to rise to 180 euros and now it’s far larger than that, there isn’t any argument towards that being the utmost price that we must always settle for in our market”.
“Insupportable”
She mentioned that the state of affairs within the vitality market in Spain is “insupportable” for the business and for households. Nevertheless, the federal government will watch for the European Fee’s response earlier than taking any new measures. It’s message, although, is unmistakable: “If Europe isn’t as much as this, we shall be obliged to take selections to guard our nationwide curiosity, as a result of Spanish society can not wait,” she emphasised.
Ribera has additionally informed the EU Environmental Council that an pressing and mixed response is required to the rise in vitality costs. “We can not discover ourselves in a state of affairs the place every member state that’s below unsustainable strain from its inhabitants does what it likes, in order that as an alternative of getting everybody work collectively we’ve 27 totally different options,” she mentioned.