'Urgent' steps to avoid further electricity bill hikes

EMERGENCY measures are to be approved by Spain's government to prevent yet another increase in electricity bills, according to minister for industry, energy and tourism, José Manuel Soria.

An application for credit to the tune of 2.2 billion euros and a new draft law, or Royal Decree to change the way cost of regulated electricity-based activities are reviewed – such as transport, distribution, energy supplies off the mainland, and special premium rates – are expected to save between 330 and 340 million euros and avoid yet another in the series of electricity bill hikes that households and businesses have seen in the last four or five years.

The cost of electrical energy and its production has rocketed over the last few months, but demand has fallen, says Soria.

To this end, the government is seeking to radically reform all aspects of industry, power, technology and science by investing heavily in investigation and development (I+D).

Soria explains that they intend to channel I+D towards challenges presented by changes in society and the current social and economic climate, rather than by sector as it has done to date, in order to bring its pace of innovation in line with other EU member States.