The mechanism set up by Portugal and Spain to fix the price of gas for electricity generation and thus stop the rise in electricity prices in the Iberian Peninsula will benefit a total of up to 44.3% of consumers in the Portuguese market. Energy Services Regulatory Authority (ERSE) President Pedro Verdelho.
At the parliamentary hearings of the Committee on Environment and Energy, when Bruno Diaz, a member of the PCP, asked about the range of consumers covered by this mechanism and who bears the costs of this measure, the ERSE leader explained: “In June we had demand for spot market in the amount of 18% of national demand. It is these 18% who benefit directly from the intervention and pay, under equal circumstances with the demand, which is also asserted in Spain, the aforementioned subsidy.”
Pedro Verdelho went on to point out that over time “in the annual period from June to May next year” – a measure valid until May 31, 2023 – the percentage of beneficiary consumers “tends to increase”.
“On average, this demand, which depends on market prices at the time of the mechanism — and based on reported information — takes a percentage value of 44.3%,” said the president of the energy regulator.
According to Pedro Verdelho, this consumer group is only for those who are wholly or partly connected to the spot market, whose prices are indexed on the Iberian Electricity Market (MIBEL). Thus, the mechanism does not target those with flat-rate contracts, neither “network access tariffs nor global system usage tariffs”.
The latest data from the energy regulator shows that in Portugal, the regulated electricity market covers about 927 thousand families, and 5.4 million consumers are in the liberalized market. According to an industry source familiar with the process, quoted by Dinheiro Vivo in April, when the mechanism was still under discussion, the number of tariff contracts place is “residual”, currently.
Clients with contracts signed in the light of the spot market are the targets of this Iberian mechanism. In the spot market, the price of electricity is indexed to prices charged by the supplier in the Iberian Peninsula, the Operator of the Electricity Market of the Iberian Peninsula (OMIE). Thus, the spot tariff can change every month, allowing the end user to pay almost the same price that the national operators (or direct electricity suppliers) pay when purchasing electricity. The purpose of this mechanism is to stop large fluctuations in the final price of electricity for families with this type of contract.
In June, the Iberian mechanism came into force, setting a maximum gas price for electricity generation. It will last until May 31, 2023, covering the period of highest electricity consumption (autumn and winter), during which an average maximum price of 48.75 euros per MWh is determined for the price of natural gas used for electricity generation.
The mechanism is designed to reduce the wholesale price of electricity in the Iberian market by reducing the cost of power plants running on fossil fuels. According to the European Commission, this mechanism is possible within the EU state aid rules, which cost 8.4 billion euros, of which 2.1 billion are in Portugal. In other words, these 2.1 billion euros will be supported by those who are connected to the spot electricity market, who benefit and who pay for this mechanism.
According to the Ministry of the Environment, the Iberian mechanism aims to “limit the rise in electricity prices and protect those who are most exposed to prices in the spot market.” [spot]”, which also benefits the remaining electricity consumers as they renew their energy supply contracts.
This measure is the result of close cooperation between the governments of Portugal and Spain to decouple the price of natural gas from electricity pricing in the Iberian Electricity Market (MIBEL), and is also a consequence of the recognition by the European Commission of the peculiarities of the Iberian Peninsula, namely the reduction capacity of electrical connections from the Iberian Peninsula to continental Europe.
Method Media Bermuda will present the documentary FABRIC: Portuguese History in Bermuda on Thursday, December 29 at the Underwater Research Institute of Bermuda.
A spokesperson said: “Method Media is proud to bring Bermuda Fabric: Portugal History to Bermuda for its 5th and 6th showing at the Bermuda Underwater Observatory. In November and December 2019, Cloth: A Portuguese Story in Bermuda had four sold-out screenings. Now that Bermuda has reopened after the pandemic, it’s time to bring the film back for at least two screenings.
“There are tickets Ptix.bm For $ 20 – sessions at 15:30 and 18:00. Both screenings will be followed by a short Q&A session.
Director and producer Milton Raboso says, “FABRIC is a definitive account of the Portuguese community in Bermuda and its 151 years of history, but it also places Bermuda, Acors and Portugal in the world history and the events that have fueled those 151 years.
“It took more than 10 years to implement FABRIC. The film was supported by the Minister of Culture, the Government of the Azores and private donors.
“Bermuda Media Method [MMB] Created in 2011 by producer Milton Raposo. MMB has created content for a wide range of clients: Bermuda’s new hospital renovation, reinsurance, travel campaigns, international sports and more. MMB pays special attention to artistic, cultural and historical content.
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Maestro Filipe Cunha, Artistic Director of the Philharmonic Orchestra of Braga, has been invited to conduct the Cuban National Symphony Orchestra, as announced today.
According to a statement sent by O MINHO, “he will be the first Portuguese conductor to conduct this orchestra in its entire history.”
In addition to this orchestra, the maestro will also work with the Lyceo Mozarteum de la Habana Symphony Orchestra.
The concerts will take place on 4 and 12 March 2023 at the National Theater of Cuba in Havana.
In the words of the maestro, quoted in the statement, “these will be very beautiful concerts with difficult but very complex pieces” and therefore he feels “very motivated”.
From the very beginning, Rachmaninoff’s Piano Concerto No. 2 will be performed by an Italian pianist (Luigi Borzillo), whom the maestro wants to bring to Portugal later this year. In the same concert, Mendelshon’s First Symphony will be performed.
Then, at the second concert, in the company of the Mexican clarinetist Angel Zedillo, he will perform the Louis Sfora Concerto No. 2. In this concert, the maestro also conducts Tchaikovsky’s Fifth Symphony.
“This is an international recognition of my work. An invitation that I accept with humility and great responsibility. I was surprised to learn that I would be the first Portuguese member of the Cuban National Symphony Orchestra. This is a very great honor,” the maestro said in a statement.
“I take with me the name of the city of Braga and Portugal with all the responsibility that goes with it, and I hope to do a good job there, leaving a good image and putting on great concerts. These will be very special concerts because, in addition to performing pieces that I love, especially Rachmaninov and Tchaikovsky, I will be directing two wonderful soloists who are also my friends. It will be very beautiful,” concludes Filipe Cunha.