EU allows Spain, Portugal to spend to ease energy prices

BRUSSELS (AP) — The European Union will allow Spain and Portugal to spend billions of euros in state aid to help ease the burden of spiraling electricity prices on consumers in the Iberian Peninsula. The state aid amounts to a total of 8.4 billion euros ($6.8 billion) and is aimed at helping to pay fuel costs for electricity producers. Russia’s war in Ukraine has exacerbated soaring energy prices in Portugal and Spain. The move the EU approved late Wednesday means that gas used for power generation in the two countries will average just under 50 euros ($52) per megawatt-hour until next May.  Spain and Portugal are also expected to reform their electricity systems to better fight climate change.