Brussels approves the extension of the Iberian exception until December 31

European Comission officially approved this Tuesday the extension of the so-called Iberian exception until December 31 of this year which allows Spain and Portugal to limit the price of gas on the wholesale electricity market, the institution said in a statement.

Brussels has already conveyed a positive opinion to the Government to the measure and with its decision today confirms that the extension is “in accordance with the rules on state aid” of the EU, as well as that introduced changes are “adequate, necessary and proportionate” in order to “come to grips with the serious economic disruption facing Spain and Portugal”.

The Community’s executive board also pointed out that, despite the fact that the price of gas has fallen since the introduction of the measure a year ago, the Iberian exception still “serves as a protective mechanism” in case of possible “surges in prices” in the Iberian electricity market.

The European Commission reminds, in the same sense, “special circumstances” of the electricity market of the Iberian Peninsulain particular its “limited interconnection capacity”, “high exposure” of consumers to the wholesale price of electricity, and “high impact of gas on pricing”.