“Galp will update the prices of electricity and natural gas from the beginning of July with average decreases of 10 percent in both cases (not considering tariffs for accessing the networks)”, said an official source from the company.

The company points out that this decline reflects “the favourable evolution that has been seen in the wholesale markets of both forms of energy”.

This update follows cuts of 15 percent for electricity and 27 percent for natural gas in early April.

According to Galp, for the most common type of natural gas customer in the company's customer portfolio, corresponding to a family with two children, the average reduction compared to current prices will result in a decrease of 3.70 euros per month (the customer in the 2nd tier of natural gas with an average monthly consumption of 284kWh).

In the case of electricity, in order to calculate the impact of this change on the final price for the customer, “the extraordinary update of the Network Access Tariffs (TAR) must also be considered, which will be published by ERSE on June 15, 2023”.

The company notes that these values do not include VAT.

The final price of electricity depends on the tariffs for accessing the networks, which will be published by the Entidade Reguladora dos Serviços Energéticos (ERSE).

The network access tariff is paid by all consumers, regardless of whether they are in the regulated or liberalised market, and reflects the cost of infrastructure and services used by all consumers on a shared basis.