Falling energy prices until March lead Galp to lower electricity and gas bills

Falling energy prices until March lead Galp to lower electricity and gas bills – Money

“These declines, which reflect the drop in energy prices in international markets during the first quarter, will take effect from the beginning of April,” an official Galp source told Negócios.

Galp announced this Tuesday that it will carry out a new update on electricity and natural gas prices for its customer portfolio. After having decided to increase invoices in January, due to the increase in network access tariffs for 2024, the company has now announced that electricity and gas prices will fall, with average reductions of 28% and 19%, respectively, in the monthly invoice to the end consumer.

“These declines, which reflect the fall in energy prices in international markets during the first quarter, will take effect from the beginning of April”, an official Galp source told Negócios. The new tariffs, says the company, already include the value of network access fees, which remain unchanged.

As an example, Galp states that “for a couple without children with a contracted power of 3.45 kVA, this drop could represent an average reduction of 9 euros in the monthly bill”, from a current value of 32.9 euros to 23.6 euros.

The average monthly electricity bill for a couple with two children and a contracted power of 6.9 kVA could go from 56 euros to 40.7 euros, that is, an average reduction of 15 euros, says the same source.

In natural gas, for a couple without children, in the 1st consumption bracket, the drop could represent an average reduction of 3 euros in the monthly bill, from 17 to 14 euros.

At the end of December, Galp informed its customers that from January 1st it will increase electricity prices, due to the spike in network access tariffs in 2024 (+316% in normal low voltage), decided by the Energy Services Regulatory Authority.

“Although we have reduced the price at which we purchase electricity, we were unable to accommodate the increase in Network Access Tariffs defined by ERSE, so the final price will increase”, informed the energy company in the letter sent to customers on the last working day of the year.

Of the 5.5 million consumers who are in the free electricity market, 4.9% are customers of Galp, the fourth largest supplier (along with Iberdrola), after EDP (68.9%), Endesa (11 %) and Goldenergy (6.9%).