Portugal to invest 3 billion euros to curb energy inflation

The Portuguese government will inject 3 billion euros (US$2.92 billion) into the electricity and gas systems to curb energy price inflation. This is according to a “Social Concertation” agreement signed today with social institutions.

According to the document published by the Portuguese news agency Lusa, the government has committed to adopting new measures to cushion the increase in costs for both families and businesses.

The “Social Concertation” signed between the government and the largest Portuguese employers’ associations aims to improve employers’ incomes, wages, and competitiveness in the medium term.

The Energy Services Regulatory Agency (ERSE) will announce reductions of around 40 euros per megawatt-hour of gas consumed by companies, which will allow “savings of 20 to 30 percent compared to the price expected in 2023,” the agreement states (1 euro = $0.97).

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