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War in the Middle East
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How will the situation in the Middle East affect the energy bill?

The increase in the price could be felt more in light than in gas and will depend on the type of contract of each household.

¿Cómo impactará la situación de Oriente Próximo en las facturas energéticas?

The escalation of tension in the Middle East has led to a dramatic increase in the price of natural gas in international markets, although the impact on the energy bills in the Basque Country will, for the time being, be limited and uneven, according to some experts.

In the Dutch TTF market (reference in Europe), monthly delivery gas has been disbursed more than EUR 53 per megawatt hour (MWh). It has risen by about 25% in the face of the risk of closure of the Strait of Hormuz, a key point for the world circulation of liquefied natural gas and oil. Analysts do not rule out the possibility of approaching EUR 90/MWh, although it is still a long way from the historic marks of the Russian invasion of Ukraine in 2022.

Unlike then, Europe and Spain are less dependent on regional gas in dealing with this crisis, and the United States is the main supplier.

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How can it affect the bill?

Although renewables predominate in the Spanish system, combined cycles (which use gas) are still necessary at certain hours, which could increase the wholesale price if fuel prices are maintained.

Households with a fixed rate would not notice immediate changes, while those with a regulated rate would be at greater risk if the daily market price went up.

As far as gas is concerned, the effect would be greater if tension continued for months, especially for consumers with indexed contracts or pending renewal. The regulated tariff (TUR) will be reviewed by the end of March.

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