EU Gas Price Cap Sparks Outrage from Spain

Spain's Energy Minister Teresa Ribera has condemned the European Union's proposed gas price cap as 'a mockery.' The EU unveiled its first-ever proposal for a price cap on natural gas, which would take effect if the European benchmark natural gas price exceeds €275 ($283) per megawatt-hour for two straight weeks. This condition has never been met, making the cap ineffective even during Europe's dramatic spike in prices this year.

Ribera stated that Spain would stop supporting other 'important' EU proposals unless Brussels devises an alternative plan to limit energy prices. She expressed concerns that the current proposal is 'counterproductive' and could jeopardize other policies aimed at containing prices. Several EU member states have reportedly expressed their dissatisfaction with the proposal.