The European Commission approved, on Wednesday, 8 June a Spanish and Portuguese measure to reduce wholesale electricity prices in the Iberian market by lowering the costs of inputs used in fossil fuel power plants.
The measure, worth €8.4 billion (€6.3 billion for Spain and €2.1 billion for Portugal), will take the form of a daily payment to electricity producers until 31 May 2023 to reduce part of their fuel costs for the benefit of final consumers.
The payment will thus function as...