Ribera meets with the Vice-President of the European Commission, Margrethe Vestager, to request the extension of the Iberian solution

The Third Vice-President of the Government of Spain and Minister for Ecological Transition and Demographic Challenge, Teresa Ribera, and the Portuguese Minister for the Environment and Climate Action, José Duarte Cordeiro, have met in Brussels with the Vice-President of the European Commission and Commissioner for Competition, Margrethe Vestager, to request the extension of the Iberian solution, which limits the price of gas used in electricity production in both countries.

This was a first positive meeting between the parties to formally start the process to determine the possible extension of the mechanism.

During the meeting, the successful operation of the Iberian solution since it began operating on 15 June 2022 was analysed.

Since then, households, industry and businesses in Spain have benefited from considerable savings on their electricity bills, which until 8 January 2023 were estimated at almost €4.6 billion.

In line with the commitment of MITECO and the government as a whole to continue protecting people and the economic growth of our country, Spain frames this request to extend the Iberian solution as a transitional mechanism within the fundamental debate on the necessary reform of the European electricity market.

From now on, it will be up to the European Commission's technical teams to carry out the analysis work for the extension of the Iberian solution.

Non official translation