These are the measures that will be approved by the Council of Ministers to lower the price of electricity

Today the Council of Ministers approved a new package of measures aimed at curbing the rise in electricity prices on the wholesale market. The Minister of Ecological Transition and Demographic Challenge, Teresa Ribera, said that it is a “shock plan”, measures to detract from the benefits of electricity companies obtained by the evolution of gas prices in the market, so that consumers pay less for the electricity bill. ” They will pay in 2021 an amount equivalent to what they paid in their 2018 invoices”.

The government of Pedro Sánchez has implemented new measures so that the price of electricity does not continue to rise.

The first measure is a mechanism for the reduction of excess gas compensation. ” We have created a mechanism to reduce the excess of remuneration caused by the cost of gas” Minister Ribera announced. “It is important that part of that remuneration return to the system. It is a measure that benefits everyone”.

The second is that the impact of the cost of gas on the regulated natural gas tariff is limited over the next 6 months. ” What we do is limit the passing on of the price on our bills. Above all, in the months we consume more to heat our homes”.

Third: new energy auctions to provide liquidity and competition in markets and to facilitate cheap energy. ” And the next step, is recovery, development, inclusion in the amendment of the electricity sector law to create a minimum vital supply for vulnerable consumers. That is, a minimum that must be guaranteed by the marketers for those people who have the social electricity bond and who are vulnerable”.

“And an amendment to the water law that aims to specify what the criteria are. The hydrographic confederations will set a minimum and maximum regime of monthly flows to be unloaded” said the Minister of Ecological Transition and Demographic Challenge, Teresa Ribera, who indicated “that a rational use of the resource must be made”.

According to the Vice President and Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, “alternative” market mechanisms compatible with Community law will be created so that companies with a “significant weight” in the sector must sell part of their energy to small traders or industrialists “at a fixed price by auction” said last week.

In addition, the Ministry for Ecological Transition announced on Wednesday the call for 19 October for a new auction of 3,000 MW renewable, wind and photovoltaic energy, with accelerated deadlines.