Galp to cut retail power prices by average 15%, gas by 27% from April

Portugal’s Galp Energia is from April to cut its retail prices for electricity and natural gas, on average by 15% and 27%, respectively, the company said in a statement on Friday.

“Galp will update electricity and natural gas prices with average decreases of 15% and 27%, respectively, from the beginning of April, thus reflecting the favourable evolution that has been seen in the wholesale gas and electricity markets,” the text reads.

For a family with two children, it states, “the average reduction in billing for electricity customers compared to the current table translates into a drop of 6.2 euros per month” for a typical customer with a contracted voltage of 6.9 kVA and average monthly consumption of 218 kWh.

In the case of natural gas, it adds, “the average reduction compared to current prices will result in a decrease of 6.48 euros per month” for a typical customer in the lowest natural gas scale, with average monthly consumption of 130kWh.

Galp also said regarding the cost of charging electric vehicles that “the drop in the price of electricity will also be reflected in an equivalent reduction in the cost of electric mobility, in which off-peak charging will cost 0.2030 euros kWh (compared to the current 0.2394 euros kWh).”

In the case of off-peak charging, this “will now cost 0.1763 euros kWh (compared with 0.2079 euros kWh at present)” – meaning that that “the price of energy needed to cover 100 kilometres will fall to 3.36 euros, as opposed to the current 3.96 euros.”

It should be noted that the values cited in the statement do not include VAT.

Galp, the statement stresses, had “lowered electricity prices for families and small businesses by 11% at the beginning of the year, which translated into decreases of between 3.5 euros and 6 euros per month in the average consumption of a family with two children.”