Spain signs off on plans to temper volatile energy prices

MADRID (AP) — The Spanish government has approved a new plan aimed at reining in soaring energy prices. It signed off Friday on a temporary cap on natural gas prices that it said would immediately reduce the cost of energy for a third of domestic consumers and 70% of industry. As energy prices surge across Europe, exacerbated by Russia’s war in Ukraine, Spain and Portugal asked the European Union’s executive arm earlier this year to allow them to skirt the EU’s common-market rules. The European Commission agreed to allow a price cap on gas for power generation. The Portuguese government also is expected to approve the same measures Friday.