Portugal to invest 3 bn euros to curb energy inflation

The Portuguese government will inject 3 billion euros ($2.92 billion) into electricity and gas systems to contain inflation in energy prices, according to an agreement.

The “Social Concertation” agreement was signed on Sunday between the government and the largest Portuguese employers’ confederations, reports Xinhua news agency.

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” 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 euros 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.

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