💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Spain: Proposed EU Gas Cut Not "Efficient, Fair or Equitable"

Published 23/07/2022, 01:48 am
© Reuters.

By Scott Kanowsky 

Investing.com -- Spain has hit out at a European Union plan to slash gas consumption by a sixth this autumn and winter in response to concerns over a potential disruption to the supply of Russian energy.

In an open letter to the EU Commission, Spain's minister for ecological transition, Teresa Ribera Rodríguez, said the proposal is not "efficient, fair or equitable." 

"We firmly believe that it is essential that the European response to this situation not be perceived as unfair and economically damaging for our citizens and industry," Ribera wrote.

The letter comes after the EU's plan - which calls on member states to voluntarily cut gas usage by 15% from August 1 until the end of next March - has also received condemnation from other member states, including Portugal and Greece.

EU Commission President Ursula von der Leyen has asked for unanimous backing for the proposal, saying it is a "necessary" measure to protect against a possible slowdown in Russian gas flows.

Ribera said Spain backed a "coordinated" response, but added that the EU should identify "the most effective and solidary contributions" from each member state, instead of imposing a blanket reduction across the bloc.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.