Iberdrola is hiking the price of gas used for heating by 140%

The Spanish energy supplier is set to increase 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 before taxes from the previous €0.071 euros, according to a letter to clients seen by Bloomberg News.

Iberdrola, 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 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 per month to €5.75. The overall increase would be about 140%, according to estimates included in the letter.