According to Teresa Ribera, Minister of Ecological Transition, “a very important goal has been achieved, putting a cap on the price of gas and so cutting the electricity bill for everyone, family, households, SMEs, self-employed, and, most importantly, industry.”
According to executive sources, limiting the price of gas and decoupling it from the price of other energies allows the EU to reform its energy market, but the European Commission has imposed a “condition” on the Spanish government, which will have to reform the regulated rate, PVPC, so that it sets a price not in the daily market but in the contact term with suppliers.
It will take around twelve days for the cut to take effect, and customers with contracts in the regulated market — approximately 40% of homes, all vulnerable consumers, and 80% of enterprises – will be the first to notice the savings. Those with contact with electricity suppliers will progressively profit as their contracts expire.
“Consumers do not have to do anything to benefit, fixed one-year contracts will incorporate this price as they renew,” Ms Ribera explained, adding that at the end of the year, “all consumers, households, and companies, who had a long-term contract will benefit.”
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