Dissecting the ‘Iberian exception’

Is the Spanish gas price cap a success or failure?

The Spanish press is outraged. The government’s vaunted gas price cap — known as the ‘Iberian exception’ — has failed to lower energy bills. In fact, Spanish and Portuguese consumers seem to be paying more than they were before the mechanism was introduced. But there are mitigating circumstances: namely, a heatwave-induced power demand spike, and soarin…