July 21, 2024

Taylor Daily Press

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The average annual natural gas bill rises to an all-time high for Flemish families

The average annual natural gas bill rises to an all-time high for Flemish families

Anyone who has to enter into a contract for natural gas on the commercial market in July can expect a bill with an estimated average annual amount of 2,728.55 euros. This is the highest level ever, according to figures from Flemish power regulator VREG.

evdgsource: BELGA

The new price shock is caused by the rising cost of natural gas. It has doubled in the wholesale market since mid-June amid fears of shortages this winter. The price hike comes as a result of Moscow’s decision to cut the capacity of the main gas pipeline to Germany by 60%.

These are the highest prices ever, if the new look for the average consumer agreed upon by the network operators (17,000 kWh consumption) 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 goes back to January of this year. Important: VREG has taken into account the VAT reduction for the entire annual bill in its own format. For now, the government has extended the reduced value-added tax until the end of December.

Compared to the June numbers, there are many. The annual bill increased by €577 compared to those who signed a contract last month.

Reduce value added tax

The increase comes after several months of declines and despite a reduction in the value-added tax on natural gas. The numbers only take into account who should enter the commercial market in July. This relates to the estimated annual rate from July 2022 to June 2023. Those with a social rate, for example, pay much less.

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Electricity prices also rose again after several months of declines. The estimated annual price for the average family having to enter the commercial market in July rises 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 comes as a result of the high cost of electricity in the wholesale market in line with gas prices.