Teresa Ribera, the Third Vice-President of the Government and Head of Energy Transition, voiced disappointment as EU energy ministers prepared to revisit the gas price debate at an extraordinary meeting this Friday. The Brussels document under discussion proposes negotiating better prices with reliable suppliers, expanding the Iberian exception model to more countries, and imposing a cap on gas prices limited to Russian fossil fuels. Ribera stated upon arriving that Brussels’ proposals fall short and that the bloc must reconcile the varied expectations of 15 of the 27 member states who are pressing for a universal gas price limit. The goal remains a broad, acceptable path that avoids deepening divisions within the union. The meeting would test whether a viable roadmap can emerge, with Kadri Simson, the energy commissioner, signaling that member states are watching closely and awaiting concrete measures. (Attribution: European Commission statements and public briefings for the purpose of this article)
Twenty-seven agrees to reduce electricity demand by 5% during peak consumption hours
Ribera criticized the current offer from Brussels as not yet adequate. She noted that the discussion is highly sensitive and that the bloc must find a solution capable of garnering broad support across all member states. The vice-president insisted that the European Commission needs a plan that can be accepted broadly, avoiding further divisions within the union. (Attribution: public remarks by Kadri Simson upon arrival)
As with Portugal, Italy, and a dozen other countries, Spain argues that the EU should set a cap on gas imports into the union regardless of the source, encompassing pipeline and liquefied natural gas imports, and should not apply solely to Russia. Spain urges Brussels to move more decisively. Ribera also emphasized the importance of updating the reference index used by operators to buy and sell gas, arguing that the current reference drives a significant portion of energy price volatility. If the reference were aligned more closely with real production costs, a meaningful reduction in energy costs could be achieved. She warned against price movements driven by intermediaries that bear little relation to production costs or supplier prices. (Attribution: official statements and policy briefings)
Comparison change
While no definitive results are expected from Friday’s debate, Ribera hopes theTwenty-Seven will outline a clear direction, particularly on replacing the current reference index, known as TTF, which she argues misrepresents reality and distorts prices. Spain supports negotiating with Brussels to secure better terms from pipeline gas suppliers such as Algeria or Norway, arguing that similar adjustments should apply to LNG inflows as well. The aim is to ensure gas supply costs reflect actual conditions rather than distortions rooted in market structure. (Attribution: economic policy discussions)
Ribera noted that long-term contracts already signed for liquefied natural gas should not be subjected to sudden price distortions. There is concern that ships could be redirected to Asian markets if the reference framework remains misaligned with world markets. The goal is a fairer price comparison between European energy costs and global benchmarks to protect European industry and household purchasing power. Production costs have risen, but speculative activities by intermediaries are also blamed for widening gaps. (Attribution: policy analysis and market commentary)
Electrical interference
The Spanish representative welcomed new measures aimed at intervening in the electricity market to curb consumption and, indirectly, gas use. The proposed framework would empower governments to tap resources from large energy players to support households and businesses through targeted aid and the strategic use of marginal technologies such as gas or nuclear. Spain notes that the current mechanism, in place since September 2021, has helped shield consumers from sudden price jumps when contracts were not updated beyond a certain threshold. The Commission has proposed a cap of 180 euros per megawatt-hour, leaving each member state to set an amount deemed reasonable for each technology. The mechanism would continue under the conditions that currently apply. Regarding the 1.2% levy on oil and gas producers, Ribera invited the People’s Party to propose parliamentary changes if improvements are identified. (Attribution: national and European energy policy statements)