EU Commission approves Spanish-Portuguese plan to cap gas prices

Euractiv | May 10, 2022 at 8:28 AM
  • The European Commission has given the green light to a Portuguese-Spanish proposal, also known as the “Iberian exception”, to cap gas prices on Monday, announced Portuguese Prime Minister António Costa.
  • In March, the European Council approved an “Iberian exception,” paving the way for both countries to take special measures and avoid the impact of extremely volatile gas prices on electricity bills.
  • Madrid and Lisbon obtained the exemption because both nations enjoy a high level of renewable energy production but suffer from a “very low” level of energy interconnections with the rest of the EU.