From April 1st, Galp will lower its electricity and natural gas prices, reflecting the drop in the cost of these two energy sources on the market.
In a note released this Tuesday, the company indicates that “will update electricity and natural gas prices with average drops of 28% and 19%, respectively, in the monthly bill for the final consumer”.
In the note, Galp does not specify the tariffs it will apply, but estimates that in electricity, for a couple without children with a contracted power of 3.45 kVA, the reduction “could represent an average reduction of €9 in the monthly bill, from €32.9 to €23.6”. This price already includes network access fees.
The average monthly bill for a couple with two children and a contracted power of 6.9 kVA “could go from €56 to €40.7, that is, an average reduction of €15”, according to Galp’s estimate.
Currently, Galp has an electricity supply that is far from being at the top of the most competitive tariffs. In a search in the energy regulator simulator for a consumption profile in a simple tariff (with 250 kWh per month and power of 3.45 kVA), for example, Galp appears only in 17th place (among 23 suppliers), with an invoice monthly fee of 53.65 euros, which compares with around 41 euros for the best offers on the market and with 46 euros from competitor EDP Comercial (leader in the residential market).
The price cuts now announced by Galp could improve the company’s relative positioning in the domestic electricity market from April onwards, although this will also depend on possible price updates by competing companies.
With regard to natural gas, the drop for a couple without children in the first consumption bracket could translate into savings of close to three euros per month, from €17 to €14.
In electricity for domestic customers, Galp is the fifth largest supplier, with a share of 4.4% (EDP Comercial leads, with 62.3%, followed by Endesa, Goldenergy and Iberdrola).
In natural gas, Galp has the second position in the residential market, with a share of 20.3%, just behind EDP Comercial’s 41.3%, according to the most recent data from the energy regulator, for the month of January.
