Spain puts a cap on gas price, utilities' profits

Spain will redirect around US $3.07 billion (2.6 billion euros) from companies to consumers in the next six months, in an attempt to reduce high energy bills. 

The decision came as the cabinet passed emergency measures to reduce energy bills by limiting the profits that hydro- and other renewable power generators can make from these high electricity prices.

During a press conference on Tuesday, Energy Minister Teresa Ribera said that this decision would be in effect until the end of March when the prices stabilized due to consumption falls. The minister said that this plan would reduce the bill by 22 percent until the end of this year. 

Spain will also use an extra 900 million euros by auctioning carbon emission permits this year to reduce bills.