The royal decree-law forlimit the price of gas in the wholesale electricity market It was validated this Thursday in Congress, a measure supported by the entire parliamentary arc with the exception of PP and Vox, who have called it a “radical intervention” and have abstained.
The limitation on the price of gas in the electricity market, which has received the approval of the European Commission and It will begin to be applied on Tuesday When the prices for the next day for Spain and Portugal are matched in the wholesale market, it will reduce the amount of the bill for consumers with a regulated rate by between 15% and 20%, calculated over the twelve months in which it will be applied, until the May 31, 2023.
Ribera defines the measure as a “firewall”
In her speech before the Plenary Session of the Lower House, the vice president for the Ecological Transition, Teresa Ribera, celebrated this mechanism as “a firewall” in the face of the rising cost of natural gas and an “unprecedented” limit to prevent the energy crisis from falling solely on consumers.
He explained that the first to benefit from the measure are consumers with rates indexed to the market price, mostly those that have the regulated tariff or PVPC, which, among others, the beneficiaries of the social bonus have. However, he has said that the measure It will also benefit free market consumersbecause when they renew their contract, the wholesale market price reference that will exist will be lower.
The plants that produce electricity with gas will be compensated by the difference between the limit price (which will range from 40 euros/MWh for the first 6 months of the period and will then rise five euros at a time until reaching 70 euros/MWh in the last month) and the cost it entails.
“He @Congreso_Es approves the Iberian mechanism that caps the price of gas. Homes and businesses will begin to notice savings on their electricity bills immediately. Also in this crisis, protecting citizens and the productive fabric is our top priority. https://t.co/vwqVAO0Hpz“
— Pedro Sánchez (@sanchezcastejon) June 9, 2022
Sánchez celebrated the validation of the decree-law on Twitter. “Homes and companies will begin to notice the savings on their electricity bill immediately. Also in this crisis, protecting citizens and the productive fabric is our top priority,” he stated.
PP: “It is not a triumph, it is the manifestation of a failure”
“The Iberian exception is not a triumph, it isthe unequivocal manifestation of a failure in energy policy,” replied the head of Energy of the PP, Guillermo Mariscal, who considers the cap “a radical intervention of the market.”
In addition, has warned of a cost in compensation to facilities with a capped price of 6,300 million at the current cost of gas, and an additional 1,500 million for each increase of 10 euros. “That is the result of your brilliant negotiation,” he said.
For Voxthe mechanism to limit the price in these plantsIt is still “a shell game”“a scam”, “a mirage”, said its spokesperson for Ecological Transition, Mireia Borrás, casting doubt on whether, in the end, it will not even end up causing an increase in the bill: “We will see what it turns out to be.”
His counterpart in the PSOE, Germán Renau, has responded to both groups, pointing out that his rejection can only be explained by the fact that “his true wishes are for Spain to do poorly.” “That doesn’t make them bad politicians, it makes them bad people,” he said.
Several parties support the measure, but criticize some of its points
Several groups, such as the PNV, Bildu or the PDeCAT, have congratulated the Government, because even though they regretted the insufficiency of the measure they have recognized the difficulty of achieving it: “We will see the results, but seen in perspective it was not easy,” he said for the PDeCAT its spokesperson, Ferrán Bel.
“It is a step, but a big step that until now no one had dared to take,” said Idoia Sagastizabal, economic spokesperson for the PNVwhich has highlighted how, since the measure was announced, gas futures markets have stabilized at below half of those of other countries.
Oskar Matute, from Bilduhas asked the Government for a detailed information campaign to clarify how the adjustment works and how it affects them, to be aware of the real scope of the reduction, while Mireia Vehí, from the CUPhas criticized the compensation to gas generating facilities with the overpayment achieved these months: “It doesn’t make any sense,” he said.
Claiming that her support was only based on the approval of Brussels, the representative of cs Mari Carmen Martínez Granados has pointed out that the reduction planned in the invoiceremains “half of what the Government promised”. Likewise, he has highlighted that, although the Government denies it, there is a risk that French consumers will benefit from the cap that Spanish consumers subsidize, since the Executive tried to limit sales to the neighboring country in its negotiation with the Commission.