Galp slashes electricity prices by 11%

Portuguese energy giant Galp is to slash electricity bills for its customers by around 11% from the start of 2023 while keeping natural gas bills unchanged for the first quarter of 2023.

According to Lusa, Galp states: “Based on the average consumption of a family with two children — the most common profile for Galp clients — this means an average fall of €3.5 to €6 per month.
According to data released by energy regulator ERSE last week “In 2023 network access tariffs saw significant reductions, with the amount being negative for consumers at all voltage levels”.
This means that compared to 2022 prices in the market, this reduction in network access tariffs will contribute towards a reduction of around 30% in the final bill for industrial consumers and around 55% for domestic consumers (in 2023), thereby relieving the pressure on increases in the wholesale market for end clients, in both the regulated and liberalised market.
Nevertheless, the price of electricity in the regulated marker will go up by 1.6% from January, 2023 in relation to December, with an average increase expected to be 3.3% on the average for the year, amounts above forecasts made in October says the ERSE.