Spain may extend energy price curbs until December, Expansion says

Prime Minister Pedro Sanchez this month announced tax cuts on power as well as a curbs on profits from renewable and nuclear energy power plants until June. Separately, Ribera said the government is gaining support for the proposal it made to its European partners to change the way power is priced, lowering the weight of natural gas costs, Expansion reported.

The Spanish government may extend energy price curbs due to expire in June until December as prices have hit record highs since Russia's invasion of Ukraine, the Expansion newspaper reported on Monday citing Energy Minister Teresa Ribera. Prime Minister Pedro Sanchez this month announced tax cuts on power as well as a curb on profits from renewable and nuclear energy power plants until June.

Separately, Ribera said the government is gaining support for the proposal it made to its European partners to change the way power is priced, lowering the weight of natural gas costs, Expansion reported. The changes would lower power utilities' profits, she told the newspaper.

Russia's invasion of Ukraine has stoked fears that the energy imports Europe depends on to fuel its economy and households could be disrupted and has prompted European countries to move to cushion the effect of soaring gas prices on consumers.