Spain Submitted Proposal on Gas Price Cap to EU, Sanchez Says
- Portugal, Spain aim to limit impact of gas on power prices
- Proposal needs to be approved by the European Commission
Pedro Sanchez
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Spain and Portugal on Thursday sent to the European Commission their proposal on how to cap the price of natural gas used to generate electricity.
“Yesterday afternoon, after weeks of technical negotiations, Spain and Portugal sent to Brussels the joint proposal on the mechanism to cap prices,” Spanish Prime Minister Pedro Sanchez said at the Cercle d’Economia conference in Barcelona on Friday. The premier said he hopes to get approval from the Commission soon in order to be able to start implementing the plan during the next few days.