Electric companies must repay 680 million euros to customers (that’s me and you!)

40 euros apiece is what OCU, the consumer union, reckons we’ve been overcharged on our last three electric bills. It’s because the storms in the north of Spain have made the renewable energy generators produce more electricity than expected, driving down prices.

That means the electric companies must repay 680 million euros to their customers, and will, in the July bill.

The problem stemmed from the fact that the real price of electricity for the first third of 2014 was far lower than the utility companies expected it to be. Since they set their prices in advance, this meant they overcharged us, the thieving b……

Amazingly enough, the surplus comes from the storms that have been racking the north of the country. Renewable sources have been producing far more than expected, driving down the cost of energy on the spot market.

By law, if this situation happens, they have to reimburse the customer. Since they have six months to do this, none of them are going to pay out a penny until July. [Adsense-C]

If you have a standard home with a 4,6Kw connection, and use about 3,500 Kwh annually, you’ve been overcharged by some €40.

Only people on regulated tariffs will automatically get the refund.  If you’re on the free market, then you will only get the refund if your tariff is linked to a regulated base.

More, including different tariff refunds, over at El Mundo.

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