Yesterday the EU officially approved the Government´s proposal to separate the price of electricity from the price of gas and electricity bills are likely to fall by as much as 50% in May.
The electricity companies have made several unsuccessful attempts to block the move which pegs gas prices at 40 euros per megawatt hour, with a ceiling of 50 euros, for a year.
The cut in prices will affect domestic customers as well as businesses etc.
Bills are expected to reflect levels paid last September (between 130 and 140 euros per megawatt hour) in contrast to prices paid this March of 283 euros.
The electricity companies currently charge customers the highest price of production (ie. gas) for all electricity produced.
Gas has increased in price due to the conflict in Ukraine.
The EU have given Portugal and Spain permission to peg the price of gas in order to reduce the price of electricity production.
