Spain to ask EU to extend 'Iberian mechanism' gas price cap until end of 2024

Spain said on Monday it will ask the EU for permission to extend its temporary natural gas price cap until at least the end of 2024.

Dubbed the Iberian mechanism, the measure only applies to Spain and Portugal, but partially inspired a gas price cap at the EU level. It is set to expire in May.

At the end of December, Energy Minister Teresa Ribera said it saved Spanish consumers more than €4 billion ($4.2 billion) since it came into effect in June.