Home energy costs to drop in Spain and Portugal
Energy costs to consumers are set to fall in Portugal and Spain as the Iberian neighbours revive plans to launch a single energy market by the middle of next year.
Joan Clos and Manuel Pinho, industry and economy ministers for Spain and Portugal respectively, have signed an agreement to set up an Iberian electricity market (MIBEL) run by Spanish and Portuguese holding companies.
The countries have now overcome the political and technical difficulties that delayed the implementation of MIBEL when it was first mooted in 2004.
According to Mr Clos, the agreement will benefit consumers, making the cost of running homes cheaper. That could spur property interest both domestically and from abroad.
"These agreements mark the history of energy integration between Portugal and Spain and are an important step towards the creation of a regional market," the International Herald Tribune reports him as saying.
"This agreement will create a more competitive, more efficient energy market with lower costs for our consumers."
Also announced was a plan to reinforce the gas interconnection between the countries.
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