POST Online Media Lite Edition



 

Spain proposes curbing soaring electricity prices with EU price cap

Christian Fernsby |
Spain and other countries, including Portugal, will propose putting a cap on the maximum amount that the European Union can pay for electricity, Spanish Environmental Minister Teresa Ribera said.

Article continues below



Topics: SPAIN   

“The average price has been around €50 ($55 per megawatt-hour), but ever since before the summer, we’ve seen records being pulverized day after day. It’s intolerable. The market is totally distorted, and it is putting huge pressure on households and industry,” she told Spanish broadcaster Onda Cero.

She said Spain, Portugal and other countries will propose a cap of €180 on EU energy prices at the European Council meeting next week. “When the European Council meets, we need more than guidance, we need quick, effective and actionable decisions,” said Ribera.

The €180 cap was part of Spain’s and Portugal’s electricity regulation until 2019, when a EU mandate erased price caps.

But prices have been surging with Spain paying a record €545 ($601) on March 8. Today, the price sits at €217 ($239).

Energy prices have been a major disruption across Spain.

Several major industrial factories have recently paused production, self-employed truckers have gone on strike because of the cost of diesel and are causing problems in the supply chain and sky-high electricity bills are eating into households' savings.

Prime Minister Pedro Sanchez has been on a European tour to try to convince other leaders to change EU regulations on electricity prices.

As it stands, the bloc’s wholesale electricity market uses marginal pricing, meaning all electricity producers are paid the same amount, whether electricity comes from cheap renewables or expensive gas.

The EU insists that the model is the most efficient but critics from France and Spain called it absurd.

“We are working with different governments because a lot of them have the same worries as us,” said Ribera. “But others are more afraid and have a higher dependence on Russian gas or coal, so they are more worried about changing market laws.”


What to read next

Premier Ford announces end of cap-and-trade carbon tax in Ontario
EC opens investigation into German grid operator TenneT
Germany needs to recover illegal aid from certain large electricity users

Tracking areas of severe thunderstorms, excessive rainfall, and excessive heat in U.S.

 
The relentlessly active spring weather pattern is set to continue through the holiday weekend as two separate systems are anticipated to be responsible for numerous showers and thunderstorms across the middle of the nation.
 
 

Latest

U.S. drillers cut oil and gas rigs to 600
North Carolina Governor to lead economic development trip in Europe
Google expanding connectivity in Africa with Umoja
Bentley opens workshop in Bulgaria

NEWS

Italy: EPPO seizes assets in investigation into €650 000 fraud involving agricultural funds

Italy draws up emergency plans for Campi Flegrei super volcano
New fire at Novo Nordisk, this time at headquarters
Iran releases first investigation report on President Raisi's helicopter crash
Another round of heavy rainfall and severe storms impacting southern U.S.
French growers protest Moroccan imports
 

BUSINESS

U.S oil and gas rigs count increased by 1 to 604

NYCEDC supporting major battery energy storage project in New York City
U.S. drillers cut oil and gas rigs to 603
Number of U.S. oil and natural gas rigs down
U.S. added 2 oil rigs
U.S. oil rig count up by 5 to 511
 

Trending Now

U.S. drillers cut oil and gas rigs to 600

Potentially habitable 'exo-Venus' with Earth-like temperature discovered

Iran releases first investigation report on President Raisi's helicopter crash

Belgium second EU country to authorise bluetongue vaccine


POLITICS

Poland signs $960m deal for U.S. radar balloons

Governor Moore announces renewal and expansion of economic MoU with South Australia
Governor Parson to embark on trade mission to Italy to promote Missouri as ideal business location
Governor Abbott hosts Kosovo President Osmani
Australian government to set up inquiry to examine impact of social media
Hungary and China sign 19 cooperation agreements during Xi's visit
 

Today We Recommend

Poland signs $960m deal for U.S. radar balloons


Highlights 

Georgia: First Quality in Macon to create 600 new jobs

Afreximbank delivers strong Q1 results

Ralph Lauren Q4 earnings per diluted share $1.38


COMPANIES

Georgia: First Quality in Macon to create 600 new jobs

Hollywood makeup brand Ben Nye files for bankruptcy as it faces talc cancer lawsuits
SEG Solar and Grand Batang City sign land utilization deal for Southeast Asia's largest PV industrial park
Bulgaria demands €400 million from Gazprom for suspended gas supplies
BlueHalo to expand operations, adding 200 new jobs in Maryland
Maersk speeds up supply chains in Europe with new Cross Dock facility
 

CAREERS

BioMar announces changes in management in Ecuador

CLG appoints managing director for Equatorial Guinea
Mark Gazit appointed executive chairman of N.E.W.S.
IFCO appoints Sebastian Grams as chief digital officer
Marlabs appoints Arun Mukunda as CRO
AfdB names Ambassador Jalel Trabelsi as Special Envoy for Middle East and North Africa and Gulf region
 

ECONOMY

Eurozone reports modest Q1 GDP growth, stable annual inflation

Italy sees faster economic growth in Q1
Slovenia's economy expected to grow 0.9 pct in Q1
Italy faces deficit infringement procedure
Real GDP increased in all 50 U.S. states
Inflation continues to decline in Germany
 

EARNINGS

Macy's Q1 diluted earnings per share $0.22

Afreximbank delivers strong Q1 results
Ralph Lauren Q4 earnings per diluted share $1.38
Dubai World Trade Centre economic output surges to $4.98 billion in 2023
Dole Q1 revenue $2.1 billion
Hapag-Lloyd Q1 EBITDA $942 million
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Belgium second EU country to authorise bluetongue vaccine

UK government unveils major package of farming and food sector support
Governor Desantis signs legislation to keep lab-grown meat out of Florida
Tanzania, Kenya resolve poultry export dispute
FAO Food Price Index rises in March
Australia grants license for GM bananas amid Fusarium Wilt TR4 concerns
 

LEADERSHIP

Study finds workers misjudge wage markets

Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
Generating 'buzz' about new products can influence their success
Hiring 'problem directors' can knock up to 64% off firm's value
 

CRIME

EU Commission fines Mondelēz €337.5 million for cross-border trade restrictions

HSBC pays penalties for alleged breaches of Consumer Data Right rules
Sanofi to settle thousands of Zantac cancer lawsuits
Former asset manager and board member of Geneva private bank referred to Swiss Federal Criminal Court
South Africa: SAP ordered to pay SIU $26m over 'invalid' Eskom contracts
Former Steinhoff director appears in court for $1.1b fraud, racketeering
 

Magazine

TRAVEL

Morocco’s first Radisson branded hotel opens in Casablanca

Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
Treyam, your premier lagoon destination in Saudi Arabia
 

SEA, LAND, AIR

2025 Chevrolet Equinox stands apart with fresh looks and capability

Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Pagani Huayra R Evo, 900 hp from 770 Nm
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

reMarkable 2, monochrome tablet for your thoughts and your eyes

OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Neumann TLM 103, standard microphone for both voice and music
 

HEALTH

UK: People with HIV can now donate eggs or sperm to start family

EU health watchdog urges vaccinations to stem surge in Whooping Cough cases
Brazil resumes insulin production after two decades
India launches first home-grown gene therapy for cancer
UK scientists win funding for 'cancer detecting' Lollipops
State to cover rare disease treatment costs in Bulgaria
 

MEANTIME

Potentially habitable 'exo-Venus' with Earth-like temperature discovered

Rare species of wild bees discovered in Berlin
SLAC completes construction of largest digital camera ever built for astronomy
Solar eclipse next week in U.S., Mexico and Canada
Gravitational waves may have made human life possible
Astronomers unveil strong magnetic fields spiraling at the edge of Milky Way's central black hole