Spain will propose at a meeting of energy ministers in Luxembourg that Brussels give the EU member states the authority to set electricity prices themselves in exceptional cases, according to the text of the proposal
MADRID (Pakistan Point News / Sputnik - 26th October, 2021) Spain will propose at a meeting of energy ministers in Luxembourg that Brussels give the EU member states the authority to set electricity prices themselves in exceptional cases, according to the text of the proposal.
"In exceptional situations, member states should be allowed to adapt the formation of electricity prices to their specific situations," the text of the proposal says, as quoted by Correo newspaper.
The Spanish authorities believe that "exceptional times require urgent exceptional measures."
"Every increase in the price of natural gas by +1 euro/MWh amounts to 2.7 billion Euros per year of additional electricity costs for all European consumers, diverting resources from the energy transition and economic recovery," the document says, adding that the situation is "getting worse every day."
The increase in electricity prices should not be shifted to the shoulders of consumers, especially during the ongoing economic recovery, the Spanish government believes.
The final price of electricity for consumers in Europe consists of a set of very diverse factors, such as network fees and taxes. Spain, like other EU countries, has faced a sharp increase in electricity prices in recent months, the government has taken a number of measures to reduce prices for consumers, including cutting a number of taxes.
