Spain seeks to set nuclear and hydro prices to end windfall profits

MADRID (Reuters) – Spain wants the EU to allow it to set prices for nuclear and hydroelectric as it seeks to decouple the cost of electricity production from gas and curb windfall profits, Energy Ministry sources said.

The reform of the energy market proposed by Spain seeks to prevent these sources of energy with lower production costs from benefiting from the high prices of other resources that currently set the market price.

The European Commission plans to propose a broader reform of the EU electricity market in March, a move aimed at reducing the impact of gas prices on power bills for industry and households.

(Reporting by Belén Carreño; editing by Charlie Devereux)