Teresa Ribera, the Third Vice-President of the Government and the Minister for Ecological Transition and Demographic Challenge, indicated on Wednesday that Spaniards saved roughly 25 to 30 euros per megawatt hour last week, a result many are calling the Iberian anomaly. The saving is notable even amid an environment of extreme heat, rising demand, and reduced wind and solar output, highlighting the impact of the current energy policy framework.
During a control session at the Congress of Deputies, Ribera stressed that the measure remains valuable even under the toughest conditions. She noted that the savings naturally translate to meaningful relief for household budgets and business costs, especially as temperatures surged and energy demand peaked while renewable generation faced headwinds.
Comparative data from wholesale electricity markets show a broad spectrum of prices across Europe. Last week, wholesale prices averaged 287 euros per megawatt hour in France, 303 euros in Italy, and 155 euros in Spain, underscoring the relative advantage of the Iberian approach in this period of volatility.
Ribera pointed out that when considering the overall energy setting, prices were still around 249 euros per megawatt hour, with a likely range near 280 euros in the near term. She also highlighted the impact of gas prices, noting a rise from 29 euros per megawatt hour a year earlier to about 122 euros, a shift that underscores the interlinked nature of gas markets and electricity costs.
In her remarks, the minister framed the policy as addressing the cost pressures across energy inputs. She described a broad mix of measures designed to cut costs through tax relief and targeted social and economic policies, aimed at supporting households and businesses affected by price swings and supply constraints.
The minister emphasized that the strategy blends immediate relief with structural reforms. She asserted that these reforms are already shaping the wholesale electricity market, steering it toward more predictable pricing and away from the volatility seen elsewhere in Europe. The overall goal is to stabilize prices while maintaining energy security and encouraging continued investment in renewables and efficiency improvements.