Officials explained the higher gas price observed this Tuesday even after the Iberian exception mechanism was put in place. The minister clarified that people should not compare Tuesday with Monday but rather assess today against the scenario in which no gas price cap exists. In a TVE interview summarized by Europa Press, he asserted that the price would be about 73 euros higher if the cap were not in effect, highlighting the policy’s impact on household energy bills and the broader economy.
The minister warned that gas prices are likely to continue rising in the coming days, driven by a heat wave that boosts demand, political tensions following Gazprom’s statements, and even outages at a major U.S. production facility. He noted that the market is sensitive to shifts in supply and demand and that more energy will be required as temperatures stay high, underscoring the need to monitor developments and adjust expectations accordingly.
He also emphasized the need to observe how the market develops over time, indicating that price comparisons should consider neighboring countries and regional wholesale markets. In his assessment, Spain’s wholesale gas price has remained notably lower than those in nearby nations such as France and Italy, a point he used to illustrate the cap’s relative effectiveness in dampening spikes that would otherwise affect consumers more sharply.
According to the minister, the objective is to give the market room to settle while maintaining protection for households. He stated that even in extreme situations like the one currently faced, the costs paid today under the cap would be lower than the costs that would have occurred in its absence, reinforcing the rationale for the policy and its anticipated relief for consumers over time.