Portugal and Spain will formally ask the European Commission to extend the temporary Iberian cap on prices for natural gas and coal used by power plants today according to Portuguese Environment Minister Duarte Cordeiro.

The European Commission allowed the two countries to initially cap gas prices at 40 euros per megawatt-hour (MWh) in May, with the price limit projected to average out at 50 euros ($53.97)over 12 months.

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The European Commission allowed the two countries to initially cap gas prices at 40 euros per megawatt-hour (MWh) in May, with the price limit projected to average out at 50 euros ($53.97)over 12 months.

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