INTIEASpain · Price control in the Iberian Electricity Market (MIBEL)PolicyIn force

Price control in the Iberian Electricity Market (MIBEL)

In May 2022, the Portuguese and Spanish Council of Ministers simultaneously approved a one-year price mechanism for reducing wholesale electricity prices on the Iberian Electricity Market (MIBEL).  The "Iberian Mechanism" aims at limiting the cost of fossil-fuel plant power…

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Country / jurisdiction: Spain · Year: 2022 · Status: In force · Level: National · Type: Voluntary

In May 2022, the Portuguese and Spanish Council of Ministers simultaneously approved a one-year price mechanism for reducing wholesale electricity prices on the Iberian Electricity Market (MIBEL).

The "Iberian Mechanism" aims at limiting the cost of fossil-fuel plant power production. Electricity producers are compensated for the difference between market prices for natural gas and a gas price cap. This cap is set at EUR 40/MWh in the first 6 months, before its level increases by EUR 5 per month, eventually reaching EUR 70/MWh .

The European Commission approved in June this exceptional and temporary measure.

Official source: https://www.portugal.gov.pt/pt/gc23/comunicacao/noticia?i=governo-aprova-limite-do-preco-de-gas-para-producao-de-eletricidade

Source

https://www.iea.org/policies/15621

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