Banc Sabadell | The Council of Ministers gave the go-ahead to the extension of the Iberian exception (gas cap) until the end of the year, which would already have the approval of the EC. The formula has been modified, the main new feature of which is that the price increase curve will be “longer” and “smoother” than last year. If the curve of the gas cap was increasing, until now, five euros per month, in the period until the end of the year, now it will increase each month by around two euros, going from the current 55 euros to 65 euros in December at the most.
Assessment:
This news is in line with expectations where the extension of the mechanism would represent a firewall against a potential escalation in the price of gas, since at current levels (10 times lower than seven months ago, when it reached its maximum) the measure would be relegated to the background and would have no impact on the sector.
