Portugal To Expend 3 Billion Euros To Control Energy Inflation

The Portuguese Government will be investing 3 billion euros ($2.92 billion) into gas and electricity systems to bridle inflation in energy prices.

Information

According to the “Social Concertation” agreement, the Portuguese government will be ploughing in 3 billion euros to keep back inflation in energy prices that the world is witnessing.

The agreement took place on Sunday between the government and the largest Portuguese employers’ confederation and was endorsed on the very same day.

As per the document, which was disclosed to the public by the Portuguese news agency Lusa, the government is devoted to adopting new measures to alleviate the surge in the prices for both families and companies.

Information

Boosting the income, wages, and competitiveness of entrepreneurs in the medium term, are among the primary objectives of the “Social Concertation.”

The agreement states that The Energy Services Regulatory Authority (ERSE) will be divulging reductions of around 40 euros per megawatt-hour (MWh) for gas consumption by companies. This will allow a “saving of around 20 to 30 percent in comparison to the awaited price in 2023.”