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The governments of Spain and Portugal have presented a preliminary proposal to the European Commission that establishes a reference price for gas of

30 euros per megawatt

(MWh) in order to lower the price of electricity.

This was confirmed by the Third Vice President and Minister of Ecological Transition, Teresa Ribera, during her visit to the region of El Bierzo (León), where she presented the project

'La Térmica Cultural'

at the facilities of the Compostilla I thermal power plant.

Ribera has made it clear that this is a joint proposal formulated by both governments and subject to

negotiation

with the European authorities.

The President of the Government, Pedro Sánchez, announced on Monday that this week Spain and Portugal would submit to Brussels an

"exceptional and temporary"

measure to set a reference price for gas, after achieving an "Iberian exception" at the European Council on Friday that to lower electricity prices in both countries.

Sánchez stressed that this measure "

does not mean subsidizing gas

, it does not break the incentives for renewables or electricity flows between countries" and will allow Spain and Portugal to "significantly lower electricity prices immediately" and without "distorting" the Europe's electricity market.

"I am convinced that the approval by the European Commission will take place in a very short period of time and

the next day it will be approved in the Official State Gazette

with immediate effects on citizens' electricity bills" , he underlined.

Sánchez also explained this Wednesday in the Congress of Deputies that the cost of this measure

would be assumed by the energy system itself

, that is, that it will not entail subsidies or public aid.

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