Madrid (EFE).- The Government has approved this Tuesday the extension of the Iberian mechanism until the end of 2023, after the agreement reached with the European Commission to extend the limitation of the price of gas in the wholesale electricity market beyond 31 May, the deadline initially agreed with Brussels.
As explained by the First Vice President of the Government, Nadia Calviño, at the press conference after the Council of Ministers, the extension of the gas cap will allow for a “safety net” for consumers in the event that the price of this raw material rebound in the coming months.
Calviño’s intervention before the media is due to the agenda of the third vice president and minister for the Ecological Transition, Teresa Ribera, who since this morning has been participating in the meeting of the Twenty-seven Energy Ministers in Brussels.
Upon his arrival, Ribera was precisely advancing the agreement reached with the European Commission to extend until the end of the year the Iberian exception which, according to the latest data from the Ministry, has saved some 5,100 million euros until January 31.
For the remainder of the year, the Government and Brussels have agreed to apply a longer increase in this mechanism until reaching a maximum price of 65 euros per megawatt hour (MWh) in December.