Insight
The Iberian price cap: Suppressing the rising cost of power
Report summary
On 14 May 2022, the Spanish government approved an Iberian temporary price cap mechanism for certain fuels used in power generation to mitigate high energy price-induced inflation, but the cap has been deferred and is awaiting final authorization from the European Commission. Gas price caps could lower Spain’s power prices by 32% to 130 EUR/MWh, but wind and solar capture prices still remain attractive at over 125 EUR/MWh in 2022-23. This insight evaluates the impacts and implications of the price cap.
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