Spain's government announces temporary cap on common gas price

Spain's government on Friday announced a temporary cap on the reference price of gas and coal used by power plants.

"Spain with this decision is leading a structural change in European energy policy," government spokesman Isabel Rodriguez told a press conference in Madrid.

The European Commission agreed two weeks ago to allow Spain and Portugal to initially cap prices at 40 euros per megawatt-hour, with the price limit projected to average out at 50 euros over the coming 12 months.

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