The price cap will average out at €50 over the coming 12 months, Cordeiro said after meeting Spanish Energy Minister Teresa Ribera and EU antitrust chief Margrethe Vestager in Brussels. “The reference price for gas today (in the wholesale market) is €90. “The (political) agreement allows (us) to protect consumers exposed to the market,” Portugal’s Environment Minister Duarte Cordeiro told reporters in Brussels. The European Commission has agreed to allow Spain and Portugal to place a temporary cap on reference prices for natural gas and coal used by power plants of €40 per megawatt-hour, their ministries in charge of energy and the environment said on Tuesday (26 April).Įuropean countries are struggling to manage surging gas and power prices, pushed higher by Russia’s invasion of Ukraine, and to cushion their effect on voters’ spending power.
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