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Spain To Ask EU For Extension To Gas Price Cap Until End 2024

NATURAL GAS

Spain will seek permission from the European Union to extend the temporary cap on gas prices used by power plants until at least the end of 2024, Energy Minister Teresa Ribera said.

  • "We intend to ask for the Iberian mechanism to be maintained for the duration of the energy crisis or until the electricity market is reformed and European regulation is updated," Ribera said.
  • "We would like the gas cap to stay within the lower end of the range, about €45-50/MWh, extending it at least until the end of 2024," she added.
  • Spain and Portugal reached a deal with the European Commission on the Iberian gas price cap mechanism in spring 2022, which is set to expire on 31 May.
  • TTF FEB 23 up 2.7% at 71.4€/MWh

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