Ribera opens door for electricity market update after approval of Iberian exception

III Expensin International Forum

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The minister pointed out that the measure “opens up a debate regarding regulation of the electricity market”.

Teresa Ribera, appeared before the media.
Teresa Ribera, appeared before the media.efe

Third Vice President of Government and Minister of Ecological Transition and Demographic Challenge, Theresa Rivera The move opened the door to a possible update of the electricity market after Spain and Portugal moved to implement the Iberian exception for a year to reduce the effect of the gas price on electricity generation.

During his speech at the III Expansion International Forum, Ribera pointed out that the measure “opens up a debate about the regulation of the electricity market”, that although it has worked so far, he believes it ” Probably needs “modernization, updating” like approved yesterday.

As explained by the third vice president, the Iberian exception “largely avoids the transition from gas prices to electricity market prices”.

The European Commission approved the mechanism on Wednesday after more than two months of negotiations. In this way, both Spain and Portugal, which are less dependent on gas to generate electricity, will be able to put a cap on the price of this fuel when it is used for this purpose. Thus, they hope that the electricity bill will reduce practically immediately as soon as it starts.

Earlier, the minister had assured during an interview on Onda Cero that this cap on gas price would help bring down inflation “about eight tenths or one digit” in the coming months.

Teresa Ribera opened a conference which later continued with a session on the energy transition and impact on society. Norman Foster (President of Norman Foster Foundation), José Bogas (CEO of Endesa), Ignacio Colmenares (Chairman of ENCE), Federico Linares (President of EY Spain), Eric Solheim (President and former Minister of Green Belt and Road Institute) Norway of Environment) and Maarten Wetsler (CEO of Cepsa).

“We know we must change the paradigm,” warned Ribera, who also explained that the change must be “quick.” In his opinion, we must respond to the climate crisis, biodiversity and production and consumption models. Water, energy and land, he stressed, “are the key to attention from a regulatory standpoint.”

In this regard, the minister announced that his department is launching a new public consultation today for 150 million euros in aid for the repair of old wind power plants, the refurbishment of mini-hydel power plants and the recycling of wind turbine blades.

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