Price control in the Iberian Electricity Market (MIBEL)

In May 2005, the Portuguese and Spanish Council of Ministers simultaneously approved a temporary regime for setting prices in the Iberian Electricity Market (MIBEL) independently, in order to reduce the electricity price for end consumers. The price cap is envisaged to be set at EUR 40/MWh for 6 months, then increase to 48 MWH over the next 6 months.
 
The European Commission had also approved this exceptional measure that will last for 12 months, including the period of highest electricity consumption (fall and winter).  

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