Visibly satisfied, the Portuguese Prime Minister, António Costa, and the President of the Government of Spain, Pedro Sánchez, appeared on Friday after the approval of the so-called “Iberian exception” to the European energy market. After a tough negotiation with the European partners, Sánchez described the agreement in this way…
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“In short, a measure that does not distort the European electricity market, that does not pose any risk to the EU’s energy transition and security of supply objectives. But it will allow both governments to lower electricity prices Energy. Spain and Portugal, as of today, we will be able to implement exceptional measures, logically limited in time, to reduce electricity prices our consumers, our industry and our companies”
With the approval of the community partners, the only thing left is for the European Commission to give the green light.
Sanchez happy after Brussels deal to lower energy prices in Spain and Portugal. Pedro Sanchez happy after closing deal with the European Commission to allow Spain and Portugal to lower energy prices
Pedro Sanchez, the President of the Spanish Government, announced this Friday, March 25, that European leaders have agreed on an “Iberian exception” that will allow Spain and Portugal to adopt independent measures to lower energy prices.
Sanchez appeared together with the Prime Minister of Portugal, Antonio Costa, after more than nine and a half hours of debate with the European Commission. He described the agreement as a “great achievement” for both countries, something both sides have been working on for months.
“From today we will be able to implement exceptional and time-limited measures to reduce prices of energy”, Sanchez pointed out. He specified that both governments will first have to present their proposals to the European Commission to receive its endorsement. The “special conditions of the Peninsula”, will be taken into account as an energy island.
Spain and Portugal’s joint proposal was accepted by the Commission despite the initial reluctance of European partners such as Germany and the Netherlands.
Mr Sanchez stressed that it is “an exceptional, temporary measure, that does not involve subsidising gas, and that does not distort the incentives for renewable energies or electricity flows between countries”.
Ultimately, he pointed out, “it does not distort the European electricity market. It will allow both governments to lower energy prices”.
“We have agreed a special treatment for the Iberian Peninsula so that they can manage this very specific situation in which they find themselves and manage energy prices”, commented Ursula von der Leyen, the president of the European Commission.
However, Spain did not get the text agreed upon by the full 27 states to immediately authorise the introduction of limits on the price of gas within the wholesale market. That is an option that is still on the table, but will be assessed later.
Sánchez, facing the energy agreement in the EU: We have met the objectives.
The President of the Spanish Government, Pedro Sánchez, said this Friday following the agreement of the European Council that it allows the so-called “Iberian exception” in the electricity market that the objectives envisaged by Spain have been met. Sánchez appreciated this agreement at the press conference he gave at the end of the European summit in Brussels with Portuguese Prime Minister António Costa, to symbolize the unity of judgment of the two countries in their demands to the EU to seek solutions to lower the price of electricity. The one put forward by both, and which has been accepted despite the initial reluctance of partners such as Germany and the Netherlands, aspired that the two countries of the Iberian Peninsula can adopt specific measures due to their status as an “energy island” with the conviction that they do not harm the rest of the Member States.
The Chief Executive highlighted the importance of an agreement that is very beneficial for Spain and Portugal and that he stressed that it will provide more tools to deal with energy prices.
After assuring that the two countries have led from the beginning the debate that is allowing concrete measures to be proposed, he stressed that what has been achieved in this Council is “an objective achieved”.
Sánchez thanked the European Commission for making progress in this debate and stressed that “starting today” Spain and Portugal will be able to implement “exceptional and time-bound measures” to reduce electricity prices to consumers, industry and companies.
The measures will be submitted next week by the two countries to the European Commission, which has already committed itself to urgently confirming that they comply with European law and, to that end, will take into account the special conditions of Spain and Portugal, such as their low level of electricity interconnection with Europe.
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