Galp to cut retail electricity, gas prices by average 10% from July
The move follows cuts of 15% in electricity prices and 27% in natural gas prices that occurred at the beginning of April.
Galp Energia is to cut its retail prices for electricity and natural gas by an average of 10%, not considering network access tariffs, starting in July, a company source told Lusa.
“Galp will update the prices of electricity and natural gas in its commercial component from the beginning of July with average decreases of ten percent in both cases – not considering network access tariffs,” said an official company source.
The source stressed that this decrease reflects “the favourable evolution that has been seen in the wholesale markets of both forms of energy.”
The move follows cuts of 15% in electricity prices and 27% in natural gas prices that occurred at the beginning of April.
According to Galp, for the most common type of natural gas client in the company’s client portfolio, corresponding to a family with two children, the average reduction compared to current prices will result in a decrease in monthly bills of €3.70 (that is, for a client in the second natural gas scale, with average monthly consumption of 284kWh).
In the case of electricity, to calculate the impact of the planned change on the final price to the customer, “the extraordinary update of the Tariffs for Access to Networks (TAR), which will be published by ERSE on 15 June 2023, should also be considered,” stressed the company, adding that these values do not include value-added tax.
The final price of electricity is dependent on grid access tariffs, which are published by the energy sector regulator, ERSE.
The network access tariff is paid by all consumers, regardless of whether they are in the regulated or liberalised retail market, and reflects the cost of the infrastructures and services used by all consumers on a shared basis.
