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EU Agrees To Extend Iberian Gas Price Cap Until 31 Dec

NATURAL GAS

The European Union has agreed to extend a price cap set on natural gas used for power generation in Spain and Portugal until 31 December, Spanish Energy Minister Teresa Ribera said.

  • "The agreement enables the extension of this temporary mechanism that will cap the gas price at an average of €55/MWh to €65/MWh at the end of this extension," an Energy Ministry's spokesperson said.
  • The mechanism was previously set to expire on 31 March.
  • According to headlines, the Spanish government is set to approve the gas price cap extension.

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