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Spain: Watchdog annuls electricity hikes, proposes new policy

 |  January 5, 2014

Spain’s competition authority, the CNMC, is reforming the nation’s energy pricing policies after a recent spike in electricity costs caused uproar among consumers.

The CNMC recently annulled the outcome of a recent wholesale energy auction for what it described as “atypical circumstances;” the quarterly auction lead to what would have been an 11 percent hike in energy prices for consumers.

Now, reports say the regulator is implementing a new method of determining power costs based on the futures market. The new policy would reportedly keep any initial hikes in energy costs in 2014 below 3 percent.

Full Content: Reuters

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