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EU electricity market proposals not enough to cut prices – Spain




High voltage power lines and electricity pylons photographed near Berlin, November 7, 2006. REUTERS / Pawel Kopczynski // File Photo

MADRID, Oct.13 (Reuters) – Measures proposed by the European Commission to help member states deal with stubbornly high electricity prices do not go far enough to solve the problem, Spain said on Wednesday.

Record-breaking electricity and gas prices hit industry and inflate national electricity bills, fueling demands for action to which the European Commission has responded with suggestions, including the possibility of states jointly purchasing natural gas . Read more

Spain’s Energy and Environment Minister Teresa Ribera, who called among governments for intervention by European authorities, said Brussels understood the economic impact of high global gas prices, but did not go far enough.

The proposals “do not address the exceptional situation in which we find ourselves with exceptional measures sufficient for the challenge we face,” said Ribera.

It was “very interesting” that the Commission’s proposals included the possibility that the bloc could seek to jointly build strategic gas reserves, Ribera added.

She said she “also looks with satisfaction” on a pledge that the European Securities and Markets Authority will investigate the EU’s carbon market, which Spain and the Czech Republic say is being distorted by speculators .

Twenty of the EU member states have drawn up emergency measures to deal with soaring prices.

Spain is more exposed than some of its neighbors to price volatility due to the design of a common electricity tariff, and the government has rushed to recoup what it sees as unfair company profits. electricity.

CEOs of 19 major power companies across the bloc, including the largest Enel (ENEI.MI), wrote to European Union officials to “strongly caution against short-sighted policy measures.” The letter, dated October 14 and seen by Reuters, does not distinguish any country or set of measures.

Reporting by Isla Binnie in Madrid and Kate Abnett in Brussels; Editing by Kirsten Donovan

Our standards: Thomson Reuters Trust Principles.




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