Spain’s Minister of Ecological Transition, Teresa Ribera, announced that Spain and Portugal proposed fixing a price limit for electricity in the EU at €180 (199$) per MWh.

"Our views with Portugal coincide in many ways. A limit at 180 euros already existed, at that time it seemed impossible for us that this [prices exceeding the limit] would happen," Ribera told Spanish radio station Onda Cero.

According to the outlet, the limit had been in place in Spain and Portugal until 2019, at which time the EU banned setting limits for energy companies on the wholesale market.

The minister said that the reason was that two years ago, it seemed crazy that energy prices would reach 180 euros. “Now it is significantly exceeded, it’s hard to argue that we should introduce an upper level in our market.”

The average price of electricity in Spain and Portugal was €217.13 per MWh on Thursday.

The US is having a similar problem, as the rise and gas prices had President Joe Biden pleading with US oil companies on Wednesday, asking them to reduce gas prices given that oil and gas prices have declined recently.

“Oil prices are decreasing, gas[oline] prices should too. Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,” Biden said on the official POTUS account on Twitter.