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Spain will seek European Union permission to extend its temporary cap on reference prices for natural gas and coal used by power plants until at least the end of 2024, Energy Minister Teresa Ribera said on Monday. The so-called Iberian mechanism, in place in Spain and Portugal after the two countries reached a deal with the European Commission in the spring of 2022, is a joint scheme through which fossil fuel plants' power costs are subsidised in a bid to bring down soaring electricity prices. "We intend to ask for the Iberian mechanism to be maintained for the duration of the energy crisis or until the electricity market is reformed and European regulation is updated," Ribera said in an interview with TV station Antena3.