SPAIN has extended its cap on regulated gas price rises for homes as well as small and medium-sized businesses until the end of 2023.

The one-year extension was announced on Tuesday by Ecological Transition Minister, Teresa Ribera, following a meeting of the Council of Ministers.

“We extend the benefits of last resort gas tariffs for small consumers, whether they are SMEs or families,” Ribera said.

Ribera also did not rule out any further measures to combat the energy crisis, ‘depending on how circumstances evolve’.

She also called for greater action from the European Union.

The gas price cap, which applies to all households using regulated prices regardless of their income, was approved alongside a plan to spend an extra €3 billion to help low-income families.

Price increases in the state-regulated part of the market are adjusted on a quarterly basis and cannot go above 15%.

The price there, around €0.06 euros per kilowatt-hour, is up to four times lower than in the open market where energy firms can change tariffs at any time.

Ministers also rubber-stamped a new beneficial tariff to protect 1.7 million families living in condominiums with a shared central heating boiler.

Those households must have individual meters installed before September 2023 and not consume more than the average of the last five years.


Subscribe to the Olive Press

This site uses Akismet to reduce spam. Learn how your comment data is processed.