In a radical attempt to cut down energy costs, Spain plans to set temporary limits on power prices in the coming weeks. A surge in energy costs has forced Spanish industries to shut operations and suspend workers. Months of record electricity prices have forced a number of steelmakers to suspend some operations this week in Spain.
Natural gas prices in Europe declined for the fourth day after Russia excluded some major commodities from its list of products set to suffer export restrictions. Russia announced an export ban for more than 200 products after the country’s economy was hit by sanctions over the invasion of Ukraine.
Gas imports from Russia make up 40% of the European Union’s gas consumption. Nord Stream 2 when operational could have supplied 55 billion cubic meters of natural gas or ten percent of Europe’s annual consumption.
The European Commission outlined a plan to make Europe independent from Russian fossil fuels before 2030, starting with gas, in light of the country’s military offensive in Ukraine. The proposal is designed to curb energy prices and replenish gas stocks for next winter amid the uncertainty of supply.