The Government has received approval from the EU for its plans to cut electricity prices for home and businesses on the “regulated market” and will introduce emergency measures on Friday.
The measures will have to be published in the state bulletin before taking effect but the Government aims to introduce them with as little delay as possible.
The new system, designed for Spain and Portugal, will cut the price of natural gas used for producing electricity and limit it to 50 euros a megawatt hour, as opposed to the more than 70 euros it costs now.
This ceiling should reduce the price of electricity on the wholesale market (for regulated customers) to between 130 and 140 euros per megawatt compared to the current cost of 200.
This will benefit all customers who are not buying electricity on the free market ie. Customers with regulated contracts.
Editors Note:
Readers who are not sure if they have “regulated contracts” should contact their electricity company and clarify whether their contract is “regulated” (regulado) or if they are purchasing electricity on the free market (mercado libre).
Changing from one to the other, in order to benefit from this reduction, should be a simple process.
