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Iberdrola Tells Some Clients Gas Price is Rising 140%

Iberdrola supplies both gas and electricity to residential users.

Iberdrola supplies both gas and electricity to residential users.

Photographer: Angel Garcia/Bloomberg
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Iberdrola SA, Spain’s largest utility by market value, is increasing the price of gas to residential consumers by about 140%, as it seeks to pass on the global surge in costs. 

The estimated annual price of gas per kilowatt-hour is set to rise from July 1 to 0.183 euros before taxes from the previous 0.071 euros, according to a letter to clients seen by Bloomberg News. A separate fixed charge paid by clients will be reduced from 6.08 euros per month to 5.75 euros. The overall increase would be about 140%, according to estimates included in the letter.