Spain and Portugal announce an agreement with Brussels to set an average electricity price of 50 euros per MWh

• Consumption The price of electricity rises more than 54% today and reaches 226.57 euros/MWh

• Energy Spain produced only 0.3% of the gas it consumed in 2021 and pays twice as much when buying it by ship than by pipeline

Spain and Portugal announced this Tuesday a "political agreement" with the European Commission to immediately launch a mechanism that will reduce the price of electricity.

It will be a temporary instrument, valid for one year, which will set an average price of 50 euros over those 12 months, but which will

.

"It is a very important agreement for consumers, domestic and industrial. It is a system that, with the Iberian exception recognized by the European Council, will allow us to prevent the price of electricity from

and will allow that industrial consumers can benefit from this reduction in reference and future prices. It is a good agreement that protects us against turbulence, against increases in the price of gas in the coming months", assured the Vice President of the Government , Teresa Ribera, in an appearance in Brussels with her Portuguese counterpart.

Ribera and his colleague met today with the Vice President

, responsible for Competition, to close the last fringes.

The last European Council, more than a month ago, politically agreed that there could be an "Iberian exception", given the

but the very low interconnections it has with the rest of the continent.

The idea was to reach an agreement in days, but the negotiations have been very tough.

Brussels did not accept the Spanish-Portuguese proposal, which proposed a

, and has raised the threshold to an average price of 50 euros over twelve months.

But at the same time, it has precisely agreed to extend the time range, one of the great demands.

"I want to indicate and value the fact that it is an agreement that lasts one year. The average price of gas will be referenced around 50. The starting point was 30, it is obvious, but in a complex process the different alternatives and how to improve and offer a response that is as solvent as possible.

gas and electricity consumers. In its overall balance and balance, it is a positive agreement for consumers," he assures Riverbank.

Both governments point out that next

.

"The main lines of the agreement have been resolved after weeks of technical work. The changes produced in the formal notification must be reflected in the response to the questions that the Commission poses to the two countries. In principle, we believe that before the weekend we will have have resolved this formal part with the Commission and could be presented to the Council of Ministers in the case of Spain next week with immediate application, taking into account the necessary adjustments in the market", assures the vice-president.

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