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Spain, Portugal formally approve 'Iberian exception' to reduce electricity prices

( May 13, 2022, 13:08 GMT | Official Statement) -- MLex Summary: The governments of Spain and Portugal have formally approved the 'Iberian exception' plan, Spain's energy ministry and Portugal's council of ministers said in separate statements. The move allows them to bend EU energy market rules to lower energy prices temporarily. Under the plan, which will last a year, only electricity produced from gas will be charged at a price linked to gas prices, unlike the normal pricing mechanism where the price for electricity from any source can be linked to gas prices if gas is the most expensive fuel needed to meet demand. The measure will come into force once the European Commission officially approves it, the statements said.Statements (in Spanish and Portuguese) follow....

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