Spain to ditch national approach if EU moves on energy markets


Spanish Energy and Environment Minister Teresa Ribera speaks during an interview with Reuters in Madrid, Spain, June 24, 2020. REUTERS/Sergio Perez

MADRID, Oct 5 (Reuters) – Spain would prefer Europe-wide to national measures to help manage record-high power prices, Energy and Environment Minister Teresa Ribera told the Reuters Impact conference on Tuesday.

Asked about her government’s measures, which have included a claw-back on profits made by utilities that policymakers have deemed excessive, Ribera said: “If (the) EU is to take some measures we are happy to go forward with that and forget about any other national solutions.”

She stressed Spain’s windfall tax, which is due to be in place until March, and other measures were “something exceptional” to be levied on profits resulting from soaring natural gas prices, adding that the EU appeared receptive to adopting a common approach.

“The (European) Commission has understood that the situation is not politically affordable and it is not economically affordable,” she said.

Pointing to the success of the EU’s joint purchasing scheme for COVID-19 vaccines, Ribera suggested a similar common platform for buying gas would help soften the impact of price spikes. read more

The European Commission said on Tuesday it will discuss the idea of setting up a bloc-wide strategic gas reserve, which was among proposals Spain has asked it to consider. read more

Ribera and Economy Minister Nadia Calvino sent a letter to the Commission last month with their suggestions, which also included establishing a central EU platform to buy gas. read more

Spain is betting on an accelerated roll-out of solar and wind capacity to guarantee a consistent supply of cheap energy in the long-term and plans to phase out its nuclear generation fleet by 2035, a deadline Ribera said was unlikely to shift.

“Owners of nuclear plants were not willing to invest for a new cycle,” she said.

To watch the Reuters Impact conference please register here https://reutersevents.com/events/impact/

Reporting by Isla Binnie and Nathan Allen; additional reporting by Andrei Khalip and Belén Carreño; editing by Jason Neely

Our Standards: The Thomson Reuters Trust Principles.



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