Portugal gas and electricity prices in 2022: Portugal was the 10th country in the European Union (EU) with the highest electricity prices for domestic consumption and the 13th for natural gas in the second half of 2021, according to the Energy Services Regulatory Authority (ERSE). Let's take a closer look at Portugal's rising energy prices in 2022 to see how they may affect cost of living in Portugal.
EU gas and electricity prices in 2022
According to the electricity and natural gas price comparison bulletins released by ERSE, based on data from the European Statistical Office (Eurostat), in the second half of 2021, the average price of electricity in the domestic sector in the 27 EU countries stood at 0.2447 euros per kilowatt-hour, and in the Eurozone at 0.2569 euros/kWh). This is 7% and 12% more expensive, respectively, than the values observed in Portugal (0.2296 euros/kWh).
Electricity prices in Portugal
Portugal was the 10th country in the European Union (EU) with the highest electricity price for domestic consumption and the 13th for natural gas in the second half of 2021, the Energy Services Regulatory Authority (ERSE) reported at the end of April.
"Spain has electricity prices 27% and 12% higher than those in Portugal, for the domestic and non-domestic segments, respectively," notes ERSE, adding that "the average electricity price in Portugal rose 1.7% in the domestic segment and 15% in the non-domestic segment, compared to the same period in 2020".
Between June and December last year, the average price (with taxes and fees) of electricity in the domestic sector in Portugal (0.2296 euros/kWh) was the 10th most expensive among the 27 EU countries, with Germany in first place and Hungary with the cheapest electricity prices in Europe.
"In the second half of 2021, electricity prices for the domestic segment recorded the lowest values in the eastern European countries. On the other hand, the central European countries, together with Spain and Ireland, had the highest electricity prices among the EU and euro area countries as a whole," says ERSE.
Natural gas prices in Portugal
Portugal is 13th most expensive country in EU for natural gas. Compared to neighbouring Spain, "in the second half of 2021 Portugal recorded the lowest prices for both the domestic and non-domestic segments".
The average price of natural gas in the domestic sector in the 27 EU countries stood at 0.1063 euros/kWh), 16% more expensive than the value observed in Portugal (0.0914 euros/kWh), while the average price in the Eurozone was 27% higher (0.1158 euros/kWh).
"Spain has natural gas prices that are 41 and 16% higher than in Portugal for the domestic and non-domestic segments, respectively," the regulator said, adding that "the average price of natural gas in Portugal in the domestic segment has stagnated compared to the same period of the previous year, while the non-domestic segment rose 68%.
In the half-year under review, the average price (with taxes and fees) of natural gas paid by Portuguese households was the 13th most expensive among the 27 EU countries, with the highest gas prices in Sweden and the cheapest gas in Hungary.
ERSE also concludes that, in the second half of 2021, "in Eastern Europe the lowest natural gas prices were charged to domestic consumers as a whole. On the other hand, Sweden, Denmark, Italy and the Netherlands recorded the highest natural gas prices in the EU".
Rates and taxes heavily affect Portugal
According to the regulator, in electricity "Portugal is among the countries with the highest weight of the component of fees and taxes. For non-domestic consumers, the weight of taxes and fees is in line with the European Union average".
In the most representative domestic consumption band (annual consumption between 2,500 kWh and 5,000 kWh), Portugal has the third highest component of taxes and fees in Europe (after Denmark and Germany), which represents 46% of the total price paid by consumers.
As for natural gas taxes and fees, "Portugal is among the countries with the highest weight of this component, in the domestic segment, and the lowest weight in the non-domestic segment".
In the most representative domestic consumption band (annual consumption of less than 5,560 kWh), Portugal has the fifth highest taxes and fees component in Europe (after the Netherlands, Denmark, Germany and Slovenia), representing 27% of the total price paid by consumers.
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