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What it is

The Iberian mechanism is extended through December 2023

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 30 March 2023. Introduced by: Gobierno.

Official title: Royal Decree-Law 3/2023, of March 28, on the extension of the production cost adjustment mechanism for the reduction of electricity prices in the wholesale market regulated in Royal Decree-Law 10/2022, of May 13.

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Source: Congreso de los Diputados, file 130/000095· updated 11 Nov

Automatic summary, not yet reviewed

  1. The Iberian mechanism, which lowers the wholesale electricity price, is extended through December 31, 2023. It was originally set to end on May 31, 2023.
  2. The gas reference price path changes: it will now be linear, from €55/MWh in March to €65/MWh in December 2023. In April the reference price will be €56.1/MWh instead of the €60/MWh under the old path.
  3. A 15-business-day window opens for market participants to declare their forward hedging instruments and be exempt from paying the adjustment cost from June to December 2023. Only hedges signed before March 7, 2023 qualify.
  4. For companies in the same vertically integrated group using retail contracts as hedges, the signing deadline stays at April 26, 2022. The rule notes these contracts usually already pass the adjustment cost on to consumers.
  5. Providing false or inaccurate data in the hedge declaration is a very serious offense under the Electricity Sector Act.
  6. The rule takes effect the day after its publication in the BOE, so the new gas reference price is in force on March 31, 2023 and applies to the April 1 market.

Who it affects

  • Electricity consumers: They remain protected against electricity price spikes through December 31, 2023.
  • Electricity market participants (generators and suppliers): They must declare their forward hedges within 15 business days to be exempt from the adjustment cost.
  • Suppliers within vertically integrated groups: They can only use fixed-price retail contracts signed before April 26, 2022 as hedges.
  • Final consumers with their own financial hedges: Their supplier files the hedges on their behalf and applies the exemption to them.

Words worth knowing

Mecanismo ibérico (Iberian mechanism)
A temporary system that caps the wholesale electricity price by decoupling it from the gas price.
Mercado mayorista (wholesale market)
The market where companies buy and sell electricity before it reaches consumers.
Precio de referencia del gas (gas reference price)
The gas value used to calculate the electricity price adjustment; it is set month by month.
Cobertura a plazo (forward hedge)
A contract that fixes today the price of future energy to protect against price increases.
Decreto-ley (royal decree-law)
A rule with the force of law that the Government can pass urgently, without prior approval by Congress.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced30 March 2023Someone registers the text in the Congreso.
  2. Admitted11 April 2023The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenary11 April 2023All 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 4 official steps on a timeline
Mar 202311. 30 March 2023: Presentación22. 11 April 2023: Calificación33. 11 April 2023: Pleno Convalidación desde 11/04/2023 hasta 20/04/202344. 20 April 2023: Concluido - (Convalidado) desde 20/04/2023 hasta 27/04/2023

20 April 2023

How did the plenary vote?

More votes against 161 yes · 182 no · 3 abst.

Voted on: Processing as a Government bill by urgent procedure of Royal Decree-Law 3/2023, of March 28, on the extension of the production cost adjustment mechanism for the reduction of electricity prices in the wholesale market regulated in Royal Decree-Law 10/2022, of May 13.

This law had 2 votes; this is the latest with every deputy’s vote. See them all

Source: Congreso de los Diputados, vote 37 of sitting 253· updated 10 Nov

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Your province

How did the deputies from your province vote?

And your senators: the Senate does not link its votes to this law in its open data, so we cannot put them side by side here.

Or see how most of each province voted
More details: how each group and each province voted

The groups

Who voted in favour and who against?

In favour, most of Mixto, Ciudadanos, GPlu, Popular en el Congreso and VOX. Against, most of Euskal Herria Bildu, Republicano, Socialista, Vasco (EAJ-PNV) and Gcup-ec-gc. 9 deputies voted differently from their group.

By province: in 19 most voted in favour; in 20, against.

Coloured by how most of each province’s deputies voted.

  • In favour: 19
  • Against: 20
  • Tie: 13
Result by parliamentary group
GroupSeatsHow it voted
Euskal Herria Bildu5
5 against
Republicano13
13 against
Socialista120
119 against · 1 did not vote
Vasco (EAJ-PNV)6
6 against
Mixto11
6 in favour · 3 against · 2 abst.
Ciudadanos9
9 in favour
Gcup-ec-gc33
33 against
GPlu12
9 in favour · 3 against
Popular en el Congreso88
87 in favour · 1 abst.
VOX52
50 in favour · 2 did not vote

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 3/2023, of March 28, on the extension of the production cost adjustment mechanism for the reduction of electricity prices in the wholesale market regulated in Royal Decree-Law 10/2022, of May 13.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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