Calviño claims before NATO the ‘Iberian cap’ against “Russia’s blackmail”


The Minister for Economic Affairs, Nadia Calviño, believes that the Iberian model by which the price of gas is capped in the electricity market “should be extended to the whole of the EU” so that as soon as possible the problem of inflation is left behind and Europe is no longer subject to “Russian blackmail”.

Calviño, who has participated this Saturday in the Economy Committee of the NATO Parliamentary Assembly, which is being held in Madrid, has indicated that the application of what has been called “Iberian mechanism” explains that Spain and Portugal are having the lowest electricity prices in the European environment.

In addition, he has indicated that, even, the wholesale price of gas in the Iberian Gas Market (Mibgas) is lower than the TTF, the benchmark Dutch market index in Europe, and has stressed that the cap on gas is also causing there to be a downward trend of inflation in Spain. In his opinion, it is “very good” that the European Commission has put a proposal on the table and that limits to the price of gas at the European level are addressed.

In addition, the first vice-president has said that “European legislation must be changed” to put an end to the marginalist pricing system in the electricity marketfor which all generation technologies charge the price set by the most expensive in the market -gas generation plants-, especially “when there is a huge difference between the price of gas and that of other energy sources”.

He has pointed out that, in addition, in the case of Spain and Portugal, not only has the price of electricity from gas been decoupled, but also the wholesale price of gas in the Iberian Peninsula it is clearly below the TTF. Calviño highlighted that 50% of the energy generated in Spain and Portugal is renewable, something that “allows us to confront Putin’s blackmail with greater strength”.

The minister said that “all international organizations are revising the growth forecasts for the Spanish economy upwards”, a growth that she has attributed to the “extraordinary evolution of the labor market”, with Social Security affiliation recordsactive people and lows in the youth unemployment rate.

He also referred to the Recovery, Transformation and Resilience Plan and said that the Government is currently working on phase two, which will focus on increasing the strategic autonomy of the country in the energy, agri-food, technological, industrial and digital fields. He has affirmed that Spain is the country that is most advanced in the deployment of funds and structural reforms of the European Next Generation.

He has also referred to the cybersecurity and has said that the Government is putting tools in place to make sure that all operators in the field of 5G technology are safe. In this sense, he said that this year the basic law was approved that should allow the Government to determine if some providers are not safe and if, then, they should have a Limited access to new infrastructure. In addition, it has indicated that an analysis of the key infrastructures and the criteria that will allow the Government to manage the deployment of new telecommunications infrastructures is currently being carried out.


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