Spain to approve common gas price cap with Portugal on Friday, govt says

MADRID - Spain's government will approve on Friday the temporary cap on reference price of natural gas and coal in an extraordinary cabinet meeting, government spokesperson Isabel Rodriguez said on Tuesday.

The European Commission agreed two weeks ago to allow the Spain and Portugal to initially cap prices at 40 euros per megawatt-hour, with the price limit projected to average out at 50 euros over the coming 12 months.