Spain's Industry Minister Jose Manuel Soria said today that his government is willing to raise power prices by 5% to 7% by the start of April, where the cabinet is set to approve this rule on Friday, which is one of the government's efforts to cut the budget deficit.

This rise will affect nearly 20 million households and small companies, but Soria said that it must be implemented to comply with a Supreme Court ruling forcing the government to raise prices when the annual tariff deficit surpasses EUR1.5 billion.