Ribera estimates that the Iberian exception to stop gas has already saved 1,383 million to Spain

Figure 3.7% energy savings in the first week of the energy efficiency plan

The Third Vice President of the Government and Minister for the Ecological Transition and the Demographic Challenge, Teresa Ribera, has estimated that the Iberian exception, which limits the price of gas for electricity generation, has led to savings of 1,383 million euros for Spanish consumers in its two months of validity.

At a press conference, Ribera indicated that this figure represents a saving of 22 million euros per day for Spanish society since the entry into force of the mechanism.

The 'Iberian mechanism', which came into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period in which which energy prices are more expensive.

Specifically, the 'Iberian exception' sets a path for natural gas for electricity generation at a price of 40 euros/MWh in the initial six months, and subsequently, a monthly increase of five euros/MWh until the end of the measure .

Ribera pointed out that the average price of the wholesale electricity market -the so-called 'pool'- from June 15 to August 17 has stood at 143 euros per megawatt hour (MWh), although he stressed that this amount would have to add the price of the daily compensation to the gas companies that has to be paid by the consumers who benefit from the measure, the consumers of the regulated rate (PVPC) or those who, despite being in the free market, have an indexed rate.

Thus, Ribera stressed that it "shows" that the Iberian mechanism agreed upon by the Iberian Peninsula, as an 'energy island', with Brussels is an "effective" mechanism.

In this sense, he underlined that the price of the 'pool' in Spain, without counting the adjustment, in this period has been well below the levels of other countries of the European Union such as France (378 euros/MWh), Italy (422 euros/MWh) or Germany (319 euros/MWh). "Today practically all of Europe has a price above 500 euros/MWh)," he said.

For this reason, he assured that it is shown that the Iberian exception has worked "as a reinsurance" in this period of application, which is also transferred to the future prices of electricity, which are quoted for the last quarter of the year at 158 ​​euros/ MWh for Spain for the 975 euros/MWh of Germany or the 518 euros/MWh of Germany.

On the other hand, Ribera put the savings in energy consumption in Spain at 3.7% in the first week of application of the royal decree-law on energy saving measures, which provides, among other measures, for limiting the temperature of buildings at a minimum of 27 degrees during the summer and a maximum of 19 degrees in winter in public buildings, department stores and other premises.

In any case, he indicated that these figures are "preliminary" and that they are based on the comparison of data from the weeks of August 1 to 7 and from August 8 to 14. In fact, he specified that the level of savings in the Peninsula was 3.9%, although it falls to 3.7% when entering the archipelagos.

RECEPTION OF THE "POSITIVE" MEASURES, DESPITE THE "NOISE".

The minister considered that the reception of the implemented measures has been "extraordinarily positive", beyond the "noise" generated against the royal decree.

Likewise, he added that in view of the contingency plan that will be presented in September, work is being done to respond to "great challenges" such as saving and efficiency or the change in the type of energy consumed, although he assured that, " In no case, restrictive measures are contemplated.

On the other hand, with regard to the development of the gas pipeline through the Pyrenees with France, Ribera considered that, in the current context, the Gallic country "is in a good position to understand that building Europe involves this common commitment to infrastructures". "It will be an important debate in the coming months," he added.