The Spanish cabinet had announced a series of measures aimed at reducing the country’s so-called “tariff deficit” of now more than €26bn, which has been accumulated as a result of a years-long disparity between generating costs and state-set electricity prices for consumers.

Among the measures are 3.2%-electricity price increase from August on, a €900m rise in power transmission costs, and a switch in the support for renewables from feed-in tariffs to a fixed “reasonable profitability” of 7.5%,