Brussels (EFE).- The European Commission formally approved this Tuesday the extension until December 31 of this year of the so-called Iberian exception that allows Spain and Portugal to limit the price of gas in the wholesale electricity market, as reported by the institution in a statement.
Brussels has already conveyed to the Government a favorable opinion of the measure and with its decision today confirms that the extension “complies with the rules on State aid” of the EU. In addition, it considers the new modifications “adequate, necessary and proportionate” to “cope with the serious disturbance of the economy that Spain and Portugal are facing”.
The Community Executive also highlighted that, despite the fact that the price of gas has fallen since the introduction of the measure a year ago, the Iberian exception continues to “serve as a protection mechanism” in the event of possible “sudden price increases” in the Iberian electricity market.
The European Commission recalls the “particular circumstances” of the electricity market in the Iberian Peninsula, in particular its “limited interconnection capacity”, the “high exposure” of consumers to the wholesale price of electricity and the “great influence of gas on the price fixing”.