On Friday, the Portuguese Council of Ministers announced a proposal to halve the price of gas used in electricity production for both personal and industrial consumers, who have been hit hard by this year’s energy price increase.
The mechanism established by Portugal following negotiations with the European Union specifies that gas will cost an average of 48.8 euros/megawatt-hour (MWh) for the next 12 months — nearly half the current price.
Duarte Cordeiro, Minister of Environment and Climate Action, stated during a news conference that this is a “unprecedented action” aimed at “controlling the scale of pricing, safeguarding those who are most vulnerable, and socializing the costs and benefits.”
“We will achieve a considerable drop in the price of electricity, resulting in savings for individuals and businesses,” he stated. 1 euro equals 1.04 US dollars