Portuguese overheads treble

 In Associations, Companies, News

Portuguese companies have seen their overheads treble despite an extraordinary energy crisis package according to a business association survey.

Over 3,000 companies in Portugal questioned in a survey say they are “extremely worried” at the spiralling cost of energy.
Around 40% of companies say their gas bills have trebled, one in every six companies have seen their electric bill treble, while two-thirds say that an extraordinary capping mechanism approved for both Portugal and Spain to bring down wholesale energy prices on the Iberian electricity market has “not brought any benefit” according to a survey published on Thursday.
The survey was conducted by the Enterprise Association of Portugal (AEP) on 1,020 members from all over Portugal and across all sectors.
The survey concluded that 40% of companies suffered increases of 200% on gas bills, and one in six saw hikes of 200% on electric bills, while three in five experienced increases of over 20% on fuel.
According to the AEP “only a small percentage of companies (one in eight) enjoyed a benefit from the MIBEL mechanism.
“The results of the AEP inquiry confirm what we have been warning. More than 1000 companies who replied to the questions (in the survey) showed they were greatly worried as to the scale of the increases of energy costs and the inability of companies to pass on these costs on the final price tag on goods”, said the President of the AEP, Luís Miguel Ribeiro to the news agency Lusa.
It is a concern echoed by the president of the Enterprise Confederation of Portugal (CIP) Antonio Saraiva who told Fórum TSF that families and companies were “suffering the double effect that the war had brought, but reminded that various countries in the European Union had now announced support packages.
However, he said it was “unacceptable” that the government had not immediately stepped in to help Portuguese companies. It will only be today (Friday) after a meeting of the EU will the Council of Ministers announce a rescue package for Portuguese companies.