Anyone who has to conclude a natural gas contract on the commercial market in July can expect an estimated average annual bill of 2,728.55 euros. That is the highest level ever, according to figures from the Flemish energy regulator Vreg.
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The reason for the new price shock is the rising cost price of natural gas. It has doubled in the wholesale market since mid-June, amid fears of shortages this winter. The price surge is a result of Moscow’s decision to reduce the capacity of a major gas pipeline to Germany by 60 percent.
These are the highest prices ever, if the new profile of the average consumer that the network operators have agreed upon (consumption of 17,000 kWh) is taken into account. But even if the old profile (23,000 kWh) is taken into account, this is an absolute record. The previous record dates from January this year. Important: the Vreg took into account a VAT reduction for the entire annual invoice in its figure. For the time being, the government has only extended the reduced VAT until the end of December.
Compared to the figures from June, there is a lot more. The annual bill increases by 577 euros compared to those who signed a contract last month.
The increase comes after several months of declines and despite the VAT reduction on natural gas. The figures only take into account who has to enter the commercial market in July. This concerns the estimated annual price from July 2022 to June 2023. Those with a social rate, for example, pay much less.
Electricity prices are also rising again after several months of declines. The estimated annual price for an average family that has to enter the commercial market in July increases to 1,633.40 euros, compared to 1,552.39 euros in June. This is the highest estimated annual bill since April. The increase in the electricity bill is also a result of electricity becoming more expensive on the wholesale market, in line with gas prices.
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