Energy prices: New subscribers are in for a shock

Energy prices: New subscribers are in for a shock
Credit: Belga

Anyone who has to conclude a new energy contract on the commercial market in August can expect record energy bills for the August 2022 to July 2023 period, according to figures from the Flemish energy regulator VREG.

For electricity, the estimated average annual bill goes to €2,154.58, for natural gas it increases to €3,791.10. The reason for the new price increases is the rising cost of natural gas on the wholesale market.

Fear of shortages this winter has sent the price of natural gas skyrocketing to an all-time high. The same goes for electricity prices in Europe.

All this has a knock-on effect on the Flemish consumer, which is reflected in the energy bill, causing it to rise to unprecedented heights. The annual bill for electricity increases by more than €521 compared to those who signed a new contract in July. For natural gas the estimated annual bill rises by an unprecedented €1,048.

The increases come after several months of declines and despite VAT reductions for electricity and natural gas. They apply only to persons entering the commercial market from August. A subscriber with a social rate, for example, will pay much less.

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