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Date Published: 17/03/2022

ARCHIVED - Spanish government promises to lower energy, fuel and gas costs on March 29

ARCHIVED ARTICLE

The cost-of-living crisis is a top priority for ministers in Spain, but they still don’t know how to bring down prices

<span style='color:#780948'>ARCHIVED</span> - Spanish government promises to lower energy, fuel and gas costs on March 29

The Spanish government pledged on Wednesday to lower the price of electricity, gas and petrol on March 29, when it plans to approve a decree law containing a raft of measures as a national response plan to the economic consequences of the war in Ukraine, the transport workers’ strike and the already rising cost of living.

However, the government has not yet specified any particular policy to combat rising prices, but rather is studying different “alternatives” with or without the EU, as announced by the Minister of the Presidency, Félix Bolaños.

“We are going to work to ensure that the consensus includes the European Union partners, and if there is no consensus, the government will also take measures. We are considering different formulas, from State aid, taxation, price caps or (establishing) a single price for energy so that it can be made cheaper,” he explained.

The minister insisted that the government is aware “of how much it is costing to fill up fuel tanks, pay for electricity and keep houses warm” due to the rise in energy prices, and pointed out that the measures that are approved will allow them to be lowered “immediately and easily”.

This includes putting a cap of 180 euros per Megawatt hour of the price of electricity on the wholesale market, which would be achieved by decoupling the price the government buys this energy at from the cost of manufacturing by each individual source – renewable, gas, fossil fuels, etc.

Now read: Electricity prices in Spain reach all-time high of 500 euros. This is how you can reduce your bills

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