Prime Minister Pedro Sánchez, announced on Monday night, in an interview with TVE, his plan to contain the spiralling cost of electricity, that will be approved by the Council of Ministers on Tuesday, although he avoided giving specific details.

He did outline a plan, however, which he insisted will limit the impact of the cost of energy on the most vulnerable families.

He said that the plan involves four fronts: structural reform to promote cleaner and cheaper energy, measures to protect the most vulnerable households, cuts on some taxes and redirecting some of the profits made by energy companies back to the consumer.

“There are energy companies that are making extraordinary profits right now. That is not acceptable to me, because they are profits that come from the increase in energy prices,” Sánchez explained.

On Monday, the cost of electricity reached €154.16 per megawatt-hour (MWh), the highest ever recorded, and more than triple the figure registered one year ago, when it was just €46.