Spain has called on the EU to support measures to limit the surge in electricity prices as controversy deepens over the cost to ordinary citizens of the bloc’s strategy to reduce carbon emissions. In an interview with the Financial Times, Teresa Ribera, Spain’s Deputy Prime Minister of the Environment, suggested that high prices and charges could provoke a backlash against initiatives to reduce carbon emissions, with Spain in “l ‘eye of the storm’. As prices in Spain and across the continent hit record highs, she called on the EU to take action to set a price cap for electricity rather than having tariffs determined by the highest prices that national networks are ready to pay. Currently, these so-called marginal costs reflect the price of natural gas and carbon emissions trading systems rather than cheaper renewables.
FT 4th Aug 2021 read more »