Spanish government vows to lower energy prices

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Spanish government vows to lower energy prices
Energy bills are rising but there are ways to cut costs. Photo: Pexels / Pixabay

The Spanish government has promised it will lower the cost of electricity, gas and petrol this month when it will approve a raft of measures designed to respond to the economic consequences of the war in Ukraine.


Spanish Presidency Minister, Félix Bolaños announced the plan this week, but did not specify yet exactly how the government plans on achieving this. He said it would be done by March 29th.

He said that the Spanish government is working with its partners in the EU to find a solution to the energy crisis and hopes to agree on a plan at the European Summit in Brussels on March 24th and 25th.  

READ ALSO: 11 ways to cut costs as Spain’s electricity rates beat all-time price records

Bolaños promised that if consensus is not agreed upon, the Spanish government will take measures alone to ensure that prices are lowered. “We are considering different ways of doing this, from state aid and taxes to capping prices and establishing a set energy price," he said.

The minister insisted that the government is aware "of what it is costing to fill the tank, pay for electricity and keep the houses warm" due to the rise in energy prices, and has indicated that the measures taken to lower them will be "immediate and simple". 


Energy prices have been spiralling in Spain in recent months.

On March 8th, Spain saw a record wholesale market average of €544.98/MWh, breaking the previous day's all-time high by a rise of €100 in just 24 hours. Electricity was most expensive between 7pm and 9pm, costing a shocking €700/MWh.

Energy costs have been soaring across the EU and other countries have also taken into their own hands in a bid to lower prices.

France, for example, announced a reduction in petrol from April 1st of €0.15 per litre and Portugal also announced a monthly subsidy for the price of fuel of €0.40 per litre.


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