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    UPDATE 1-Spain to spend extra 3 bln euros on energy price subsidies

Summary

Spain will spend an extra 3 billion euros ($2.9 billion) to help vulnerable households cope with soaring energy prices, Prime Minister Pedro Sanchez said on Thursday.

by: Reuters

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Complimentary, Natural Gas & LNG News, Europe, Political, News By Country, Spain

UPDATE 1-Spain to spend extra 3 bln euros on energy price subsidies

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MADRID, Oct 13 (Reuters) - Spain will spend an extra 3 billion euros ($2.9 billion) to help vulnerable households cope with soaring energy prices, Prime Minister Pedro Sanchez said on Thursday.

The government will increase the discount it offers on the power price for "vulnerable" and "severely vulnerable" households to 65% and 80%, respectively.

The government will also fund a 40% discount on low-income workers' power bills. As many as 1.7 million families living in buildings with central heating will also get price cuts.

"We will protect 40% of households," Sanchez told lawmakers.

Energy costs have skyrocketed over the past two years as the end of COVID-19 restrictions boosted demand and Russia's invasion of Ukraine in February led to gas price increases due to supply disruptions and fears they might get worse.

($1 = 1.0320 euros) (Reporting by Emma Pinedo; Editing by Inti Landauro and Mark Potter)