Spain and Portugal: Iberian exception for gas prices

At the recent EU summit, after lengthy discussions, Spain and Portugal succeeded in obtaining an exemption from the rules of the European electricity market. The two governments have since sent a concept to Brussels on how they intend to prevent the sharp rise in gas prices from pulling up the price of electricity. The proposal, which still has to be approved by the European Commission, is to limit the gas price for power generation plants to a maximum of €30 per megawatt-hour.