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The rise in electricity and gas prices will have a total impact of about 9,000 million euros for Spanish domestic consumers, according to data from Bank of America, which compares its estimate for this year and 2021 with the prices of 2020. In a report, the financial institution figures the impact that the current energy price crisis will represent for the main countries of Europe in about 107,000 million euros.

However, Spain is not the country where this blow will be the greatest for the domestic consumer due to the rising prices experienced by electricity and gas, especially since the middle of last year, since the investment bank highlights that this total increase in the United Kingdom it will amount to 27,700 million euros, while in Italy it will be 24,500 million euros, in Germany 23,000 million euros and in France 22,100 million euros. There will only be a lesser impact than Spain in Portugal, with about 700 million euros.

You help, only a third

Thus, Bank of America projects a price increase of about 475 euros for 2021-2022 for each of the 19 million Spanish households throughout 2022, which would be, if extended for the entire year, contained by the measures approved by the Government by only a third, with about 170 euros per household, a total between 3,000 and 4,000 million euros.

At the end of last year, the Government extended until April 30 the reduction of the taxes included in the electricity bill that all consumers pay in order to alleviate the negative effect that the rise in the price of electricity is causing on the citizens. Specific, the discounts from 21% to 10% were extended until April 30 VAT and special electricity tax from 5.11% to 0.5%, the legal minimum. However, the suspension of the 7% generation tax paid by companies will only be maintained, for now, until March 31.

650 euros more than average in Europe

In its study, Bank of America estimates that the energy costs of European households will increase by around 650 euros a year, around 50%, by the end of 2022 and that governments will make up only a quarter of this increase. Thus, the average European household spent about 1,200 euros on electricity and gas in 2020; Therefore, according to current wholesale prices, the bank estimates that these will increase to 1,850 euros in the whole of 2022.

For their part, large consumers European industrialists could see a year-on-year increase of 70-100% in gas and electricity costs this year. The entity points out that European wholesale gas and electricity prices rose at the end of December from already high levels. Thus, gas supply for 2022 has shot up more than 400% compared to January 2021, while European electricity prices, driven by gas, have risen 300%.

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