Spain mulls worth cap for fuel crops to convey down energy payments

Spanish Minister for the Ecological Transition and Demographic Problem Teresa Ribera attends an emergency assembly to debate the vitality scenario in Europe amid Russia’s invasion of Ukraine, in Brussels, Belgium February 28, 2022. REUTERS/Yves Heman

MADRID, March 22 (Reuters) – Spain is contemplating introducing a most worth at which combined-cycle fuel crops can promote energy to the wholesale market as a part of an effort to rein in sky-high shopper electrical energy payments, Power Minister Teresa Ribera mentioned on Tuesday.

As international vitality costs soar, exacerbated by Russia’s invasion of Ukraine, European governments are racing to seek out options forward of a European Union summit later this week.

“The best factor to do is to introduce a most worth at which mixed cycle crops can provide (to the market) then have some ex-post adjustment,” Ribera informed reporters after a weekly Cupboard assembly, including that it might be a short lived measure.

Hovering fuel costs are the primary driver of rising electrical energy prices, and Spain has lengthy advocated for a redesign of energy markets that will decouple fuel costs from electrical energy costs however has not offered particulars on how that will work.

On Monday, Belgian Prime Minister Alexander de Croo mentioned his nation would take the lead in pushing for a Europe-wide cap on fuel costs. learn extra

Spain had appeared final week to be behind a push to cap wholesale electrical energy costs, an possibility favoured by Portugal, however an Power Ministry supply on Monday mentioned that was not the primary possibility on the desk.

Ribera mentioned she had not mentioned the potential of new taxes on utilities at a gathering with electrical energy trade chiefs although Labour Minister Yolanda Diaz had advised the federal government was planning a brand new particular tax on massive utilities.

“We did not talk about taxes with the large electrical energy corporations, however relatively about easy methods to get cheaper vitality and the way they’ll contribute to residents’ consolation,” Ribera informed reporters.

One of many EU’s key ambitions within the drive for vitality safety is boosting the proportion of renewable vitality era in its combine.

Spain mentioned on Tuesday it now aimed for 67% of its electrical energy to return from renewable sources by 2026, having beforehand set a goal to succeed in 74% in 2030.

(This story corrects proportion in final paragraph)

Reporting by Belén Carreño, Emma Pinedo and Isla Binnie; Writing by Nathan Allen; Modifying by Inti Landauro, Paul Simao and Jonathan Oatis

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