Brussels gives green-light to limiting gas prices for electricity production

The governments of Spain and Portugal have been given the green light by the European Commission to the establishment of a temporary, extraordinary mechanism to protect consumers from dramatic increases in electricity bills. The measure will see gas costs pegged at an average of 50 euros per MWh. It will come into force from May. Público however has explained that “the majority of consumers have fixed price contracts and will not benefit from this Iberian mechanism” – indeed they are “likely to see their bills increase”. The point of the mechanism is more focused on industry/ businesses.