Spain cuts soaring energy bills with emergency measures

Government expects to redirect €2.6bn from firms to consumers in next six months, with average monthly bill falling by 22%

Spain’s government has passed emergency measures to reduce sky-high energy bills by redirecting billions of euros in extraordinary profits from energy companies to consumers and capping increases in gas prices.

In the first such broad response in Europe, where wholesale prices have doubled in a year, Spain plans to limit the profits that energy companies using hydropower and other renewable power generators can make from surging electricity prices.

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