Call for EU intervention in electricity prices, as Spain launches campaign for reform

The price of energy has been at historical figures for weeks. In March, it is on the way to being the most expensive ever. However, the average price of electricity in the wholesale market on Friday was 284.58 euros per megawatt hour, almost half of the historical maximum on Tuesday - 544.98 euros/MWh.

Prime Minister Sánchez has announced that he will next week be visiting several European countries to try to obtain support for his proposal to reform the energy market - one to reduce the price of electricity. Sánchez spoke about this at the end of the informal summit of EU leaders in Versailles, at which one of the main issues was an analysis of measures that need to be taken in order to achieve this price reduction.

Sánchez believes that proposals that he has been making for joint action by the EU to lower the price of electricity are being supported by more and more countries and that there will be eventual agreement at the meeting of the European Council to be held on March 24 and 25.

"We have to make decisions and adopt measures, because we are in an emergency situation." In the event that no concrete measures are announced at this meeting, Spanish government sources suggest that Spain will make a unilateral decision.

Inflation in February was the highest it has been since December 1986. It reached 7.6% and was directly related to electricity prices, the National Statistics Institute also highlighting the cost of fuel and food.