The price of natural gas in Spain takes a stunning nosedive

The latest data published by the Last Resort Tariff (TUR) for natural gas mean that consumers in Spain will get cheaper energy after a drop of 29.9 per cent on average.

According to the latest data published this, Saturday, April 1, by the Last Resort Tariff (TUR) for natural gas, the price of this essential energy product changes significantly in Spain today – for the better.

As announced last Thursday, March 29, by the Ministry for Ecological Transition and the Demographic Challenge, as of Saturday, April 1, the Tariff of Last Resort (TUR) for natural gas will fall by 29.9 per cent on average, compared to the price in force since the previous review on 1 January.

This will be welcome news to Spanish consumers who have previously experienced the cost of this product affecting their shopping baskets, electricity, fuel, and even tobacco.

These new values ​​have been the result of the ‘sharp decrease’ in the TUR calculation formula and the ‘assumption’ by the General State Budget (PGE) of the debt accumulated by the establishment of extraordinary measures to limit the impact of the war in Ukraine, stressed the government department.

Specifically, the price of the raw material – natural gas – has been reduced by 48.8 per cent, from 5.23 cents/kWh in January to the current 2.68 cents/kWh. On the other hand, the PGE has assumed the debt generated since the extraordinary measures were applied. Up to last January, €354 million had been paid to the last resort marketers that operate the TUR.

As a result, next Saturday’s review means a 26.44 per cent decrease in the annual bill with taxes for a customer with TUR 1, 30.14 per cent for a customer with TUR 2, and 31.72 per cent for a customer with TUR 3.

Since October 2021, when the measures to limit the impact of the war in Ukraine were established, households under the TUR have saved between €100 and €300 on average, depending on their consumption. Small and medium-sized enterprises have saved around €700.

Specifically, customers with TUR 1 have saved €95 in annual terms, consumers with TUR 2, €281, and those with TUR 3, €703.

In the case of the TUR for communities of owners, with a different calculation methodology to that of individual TURs, the cost of the raw material included in the calculation formula has been reduced by 59.4 per cent, from 6.6 cents/kWh in January to 2.68 cents/kWh this April.

It provides a reduction for the seven tranches of this TUR of between 48.74 per cent and 57.28 per cent, depending on the level of consumption.

The TUR is a regulated tariff available to any consumer connected to the natural gas networks with a consumption of less than 50,000 kWh per year, to which some 2.5 million households and SMEs subscribe, as reported by lasprovincias.es.

___________________________________________________________

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.