Spain and four other EU countries request Brussels take action over energy prices

Spain has joined France, Greece, Romania and the Czech Republic in requesting Brussels to take action over rocketing energy prices.

Spain has succeeded in getting France, Greece, Romania and the Czech Republic to join its request for Brussels to take action over skyrocketing energy prices.

The Economy Ministers of these countries have signed a letter together with Nadia Calviño, First Vice President of the Government and Minister of Economic Affairs and Digital Transformation, requesting reform of the wholesale electricity market, achievement of energy independence and lower prices.

“The electricity market has many advantages, such as ensuring the supply of energy at all times, but it must be improved to better establish the link between the price paid by consumers and the average cost of energy.

“This is equal to or more important than decarbonization because it will increase the use of electricity. Currently, the price of the megawatt hour is set by the price of the most expensive technology that needs to be employed to meet demand and not by average cost.

“We should develop common guidelines on gas storage in order to mitigate price increases and better coordinate our gas purchases to increase our bargaining power,” reads the letter.

The economic ministers from the five countries have also asked to achieve “energy independence” by managing to diversify the supply of energy and, thereby, reduce Europe’s dependence on those countries that export gas. They all agree that Europe must tackle this problem with a “common approach” at the European level with a set of tools with which to coordinate national responses to react “immediately” against indiscriminate price increases.

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