For anyone paying the compensation for the «excepción ibérica» on their electricity bills there will be a nil contribution until December 15.
As the price of gas has fallen dramatically the compensation, under the system introduced in Spain and Portugal (the Iberian exception), which has kept bills down compared to the rest of the EU, will have nil effect on the bills of consumers.
The price of electricity is directly linked to the price of gas and Spain and Portugal were allowed by the EU to introduce a ceiling on gas prices with a compensation scheme through consumer bills.
Even with the compensation scheme, which is not paid by all consumers, electricity bills in Spain and Portugal have been considerably lower than the rest of Europe. But now the price of gas has fallen to 40 euros a megawatt hour for the first time since the system was introduced.
The fall in the price of gas is attributed to a mix of factors including the fact that the gas deposits are full as we face the winter. Other factors include the warmer than seasonal temperatures; the use of aerogenerators; and the expected intervention of Brussels in the EU energy market.
