BRUSSELS (Reuters) - Spain and Portugal have formally requested a EU approval to extend the temporary Iberian cap on prices for natural gas used by power plants, a spokesperson for Spain's EU representation told Reuters.
The EU commission is "receptive" to the countries' request, the spokesperson said, adding technical work was to follow to assess this possible extension.
Recognising that Iberia has weak energy links to the rest of Europe, the European Commission in May allowed the two countries to initially cap gas prices at 40 euros per megawatt-hour (MWh), with the price limit projected to average out at 50 euros ($53.97)over 12 months.