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Portugal to invest €3 billion in curbing energy inflation

10 Oct 2022 11:56am
Image for illustrative purposes only - 123RF
Image for illustrative purposes only - 123RF
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LISBON - The Portuguese government will inject €3 billion (US$2.92 billion) into electricity and gas systems to contain inflation in energy prices, according to the "Social Concertation" agreement signed on Sunday with social entities, reported Xinhua.

According to the document disclosed by the Portuguese news agency Lusa, the government is committed to adopting new measures to mitigate the increase in costs for both families and companies.

The objective of the "Social Concertation," signed between the government and the largest Portuguese employers' confederations, is to improve the income, wages, and competitiveness of entrepreneurs in the medium term.

The Energy Services Regulatory Authority (ERSE) will disclose reductions of around €40 per megawatt-hour (MWh) for gas consumed by companies, which allows for a "saving of around 20 to 30 per cent compared to the expected price in 2023," the agreement defines. - BERNAMA

Portugal
inflation
Social Concertation agreement
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