Petrol plans major increase in electricity and gas prices

Ljubljana – Petrol, Slovenia’s largest energy company, will significantly increase the prices of electricity and natural gas on 1 December. The price of electricity is expected to rise by around 30% and of natural gas by 12%, with Petrol citing higher energy prices on international markets as the reason.

“We have recently witnessed exceptional conditions on the commodity and energy markets, where prices are reaching record high levels day after day,” Petrol said when announcing the new price list last week.

According to media calculations, the price of electricity for households will rise by 21% to 35%, depending on the tariff. For small business consumers, prices will be around 30% higher, while the price of gas is expected to rise by 12%.

Prices of energy products to be delivered in 2022 have risen significantly in the last year: electricity by more than 175%, gas by almost 300%, oil by around 65% and emission allowances by more than 125%, Petrol added.

They pointed to last year’s relatively long and cold winter, which depleted gas supplies across Europe, as one of the reasons for the situation.

The development of Covid-19 vaccines had reignited economic activity and energy demand, but supply has not been able to keep up, not least because of the poor production of electricity from renewable sources over the summer.

Natural gas supply also remains a major problem, with storage capacities being underused across Europe.

“Despite the turbulent market environment, we remain committed to offering a quality, reliable and affordable supply of electricity and natural gas,” Petrol said.

“The new price list will apply for our residential and small business customers as of 1 December,” the company added.

According to the newspaper Finance, other suppliers are unofficially expected to follow Petrol in raising energy prices soon.