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Ribera argues that the cap gas cuts 250 million benefits electricity companies

Teresa Ribera, Minister for Ecological Transformation, has just 15 days to defend the Iberian exceptionity.

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Ribera argues that the cap gas cuts 250 million benefits electricity companies

Teresa Ribera, Minister for Ecological Transformation, has just 15 days to defend the Iberian exceptionity. She stated that the application of the cap gas has reduced the 'benefits" by 250 million euros in the two weeks since it was launched. The electric companies have 'fallen from the sky'

Ribera exposed these calculations during a session before Congress, in which he charged against some of the companies for disliking the system at that time; and against PP, who has affected the rise in prices in its first days and the collateral consequences of the cap such as the exports to France and the increase of cycles.

Ribera, after arguing that it is an effective measure to protect consumers has stated that the exception with Portugal, endorsed by Brussels, "has proven to have been effective" in reducing prices on the market and reducing profits companies get by taking advantage of high gas prices. However, the cost of production at many plants is significantly lower than that price. Ribera also took the opportunity to attack Ignacio Galan (president of Iberdrola), who had been against the cap, calling it "interventionist terrorist". Ribera said, "Infront of those who described them" in this manner, that "now it's seen by other countries as a model for starting it up."

Ecological Transition's head points out that the measure has reduced electricity prices for wholesale rate customers by 14% compared to records that the pool' (as it is commonly known) would have had without the mechanism. According to the minister, the gas cap and the reduction of VAT and other charges make the bill 30% less than if they hadn't been implemented.

Ribera also stated that the Ministry estimates the cost of electricity in Spain for the fourth quarter at 149 Euros per megawatt hour (MWh). This is in contrast to the 343 euros/MWh in Germany or 743 euros/MWh France. The latter was due to the "terrible situation" of France's nuclear park.

Ribera says Spain must be prepared for the tension that could be created in the months ahead. He insists on promoting diversification of gas suppliers and renewable energies, intensifying savings and efficiency, as well as electrification. He has taken all the measures he considered necessary to be effective for next autumn and winter.

It has also announced that a proposal to amend the current regulated tariff, PVPC (which covers ten million users), will be prepared during the second half year. It will create a formula that provides price stability and periodic reviews, as it does in the whole EU. According to the minister, it will be in force on January 1, 2023.

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