29/03/2023 (Agence Europe) – Spain’s Minister for Ecological Transition, Teresa Ribera, said on the sidelines of the ‘Energy’ Council on Tuesday 28 March, that the European Union had agreed to extend the price cap on natural gas for power generation in Spain and Portugal. This mechanism, known as the ‘Iberian Mechanism’, consists of subsidising the production costs of fossil fuel power plants in order to lower electricity prices. This measure was agreed with the European Commission in spring 2022 and was to run until 31 May 2023. It will now be extended until 31 December 2023. The Commission is expected to formally communicate on this extension shortly. (PLD)