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If I change GAS to a regulated market, will I have to pay for a new check?

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GÁS

I receive dozens of messages with this question. As you have already noticed, if you are an EDP or GALP client (we do not yet know the amount of surcharges from the rest), from October 1, the price of gas will almost triple. The bill for 20 becomes 60, from 50 to 150, from 300 to 900 euros. This is serious.

As I explained to you in this article HEREif you have calculated and it is not profitable to continue working in your company because you have other discounts that are very important to you, the best solution is to GO to the regulated market as soon as possible. We still don’t know how it’s done because the government hasn’t explained it yet. You will have to wait.

But do I have to pay 60 to 80 euros or more to change?

This moment is VERY IMPORTANT. The answer is yes and no. It depends on how long ago you last had a gas inspection of your home. I predict that tens (if not hundreds) of thousands of you will have to pay for a new gas inspection if you want to change your gas supplier, regulated or not.

But I want you to understand one simple thing: No one should pay a new gas inspection just to change the gas company. Reviews are required every x years, whether you change supplier or not. What’s happening is that many of us didn’t do this in our time, and now, by law, a supplier (regulated or not) is required to request a valid verification report in order to enter into a new contract.

If you have it and it is valid (within the legal validity period), you change the contract and you do not need to pay anything. If it’s expired, or you can’t find it, or you never had it (at a time when the document wasn’t required), then YES, you’ll have to pay for a new inspection before moving to a regulated market (or another company).

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Will there be a place for your inspection?

This is one of the big problems that I foresee. As soon as it will be possible to return to the regulated gas market (we don’t know yet how), there will be a flow of applications for these checks. Will companies be able to respond to tens of thousands of inquiries in the first few weeks? I really doubt.

That is, if you are not very careful and are already requesting a review, you may have to wait a few weeks, a month or more before you can switch to a regulated market. In the meantime, you will pay absurd prices.

Perhaps the government, realizing this problem, will create some kind of exemption / deferment / any other solution so that the bureaucracy does not block the savings of the Portuguese, who want to immediately change the supplier, so as not to fall victim to these terrible increases.

I also want you to understand that this increase is not corporate greed. They can’t afford to buy gas for 300 and sell it to you for 35. This is one of the consequences of the war. We take it to the table.

Who should pay for a new check?

This link has all the information from the Main Directorate of Energy and Geology on this issue:

https://www.dgeg.gov.pt/pt/areas-setoriais/energia/combustiveis/instalacoes-de-gas-em-edificios/

I will summarize for you what is in the law.

Gas installations (IG) are subject to periodic checksin danger of cutting off the gas supply.

In cases of re-equipment, changes to the IG, gas leakage or interruption of its supply due to the presence of a critical defect, the IG is also subject to extraordinary checks. That is, whenever you have a gas problem or change equipment, you are required by law to request a new test. Many people change water heaters, stoves, etc. and they don’t. This is illegal and VERY DANGEROUS.

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Change of gas supplier and change of owner in the contract gas supply do not require an extraordinary auditsubject to availability of a valid inspection report or, alternatively, an inspection report with approved results approving the installation.

All GUs are subject to periodic inspection with the following frequency:

building type 1st Periodic Check Remaining checks
IG issued before 21.08.2018 IG completed after 08/21/2018 Frequency
Type I – Hull Until 8/26/2028 or when they turn 20, whichever comes first 10 years 5 years

In short, look for and see – over time – a valid inspection statement that you have in your home that approves the installation and allows you to confirm that any gas equipment, as well as ventilation and flue gas removal systems, have not been replaced. gas equipment.

When changing the supplier, you do not need to carry out a new inspection if the customer presents a valid inspection certificate and a declaration confirming that no structural changes have been made to the natural gas installation – Declaration of conformity of the installation. You can print this statement from the EDP website, for example using the link in the previous sentence.

When changing the owner of the gas supply contract, a new inspection is also not paid if the customer presents a valid inspection report and a certificate stating that no structural changes have been made to the natural gas installation.

Periodic checks should be carried out:

  • 5 after 5 years: in installations with a service life of more than 10 years;
  • 3 for 3 years: in gas installations of enterprises and institutions.
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In order not to pay for this new verification, you must have these two valid documents with you (to be downloaded when you switch to a regulated market):

  • Valid inspection certificate issued by the natural gas inspection body – if the submitted inspection certificate is no longer valid, a new inspection must be carried out. The act of verification does not replace the act of verification.
  • Declaration of conformity for a natural gas installation who certifies that, to the best of his knowledge, no changes have been made to the scheme, section or nature of the pipeline (in public places or inside residential premises) or elements of the installation have been replaced by others of a different type.

What am I doing?

Obey the law. If you find your gas inspection is overdue, do it immediately this month so you don’t have to wait weeks after October. If you have an up-to-date inspection (every 5 years, after the first 10), you don’t have to worry about paying these costs (which you will pay later, whether you switch suppliers or not).

Therefore, if you have never considered this aspect of natural gas inspections, expect an additional cost in October of 60, 80 euros or another amount depending on your situation and / or the company you hire to carry out the inspection if you want to switch to a regulated . It’s your responsibility, not the gas company. Go look at your papers.


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Economy

Home loan: Interest rates have already risen more than in the 2008 crisis See how far they can go

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Home loan: Interest rates have already risen more than in the 2008 crisis See how far they can go

Installments will increase sharply from next week, when October begins. Interest rates are rising rapidly to 3% and the OECD already allows rates at 4%. This is TVI’s new weekly feature, “People Are Not Numbers.”

Do you have a home loan? So get ready: October will be the first month you’ll experience a significant increase in mortgage payments.

Nearly 19 out of 20 mortgages in Portugal have variable interest rates, with payments being reviewed every three, six or 12 months according to the contract index. However, the update is based on the average Euribor for the previous month. And September was the first month when the average Euribor was much higher. That’s why the big effects start in October. Next week.

The six-month Euribor (most used in Portugal) is about two percentage points higher than it was six months ago in March. And the 12-month Euribor (the second most used) is almost 2.5 percentage points from what it was a year ago.

Hence the simulations. For example, for a loan of 150 thousand euros for 30 years, indexed to Euribor for 6 months, the installment will increase by 141 euros, from 454 to 595 euros. In the same example, but with indexation to Euribor for 12 months, it is worse: the increase in October, that the installment plan will be revised, will be 194 euros.

21 more years to pay

More than 1.43 million Portuguese families owe a total of more than 100 billion euros in mortgage loans. And on average, it takes about 21 years to repay a loan.

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This means that only with the currently confirmed increase in the Euribor rate, Portuguese families will pay at least another two billion euros per year.

What is the average performance?

But how much do the Portuguese owe today and how much do they pay?

On average, each Portuguese with a mortgage loan owes the bank about 60,000 euros and pays 268 euros per month. These people will pay about 100 euros more per month.

But if you look at who bought a house in the last three months, and the most expensive houses, then the average debt is 128 thousand euros, and the monthly payment is 445 euros. Benefit, which will increase to about 200 euros per month.

And in the future? Adults without time and younger without money

In the future, it will be more difficult to buy a house on credit. For three reasons:

Firstly, because the loan is more expensive, so the installment plan will put more pressure on the family income. And this will force the banks themselves to say “no” more often, rejecting offers from customers who want to buy a house.

Secondly, because older people have less time. From April 1, the Bank of Portugal introduced new age rules, which in practice reduce the loan repayment period from 40 to 30 years. And that means higher monthly payments. Only up to 30 years old can get a 40-year loan. The problem is that…

… Thirdly, the younger one has no money. Housing is one of the biggest problems for young people and even one of the reasons why young people do not leave their parents’ homes.

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Portugal is indeed a European Union country where young people leave home later, at an average age of 33 years and 7 months (women leave later than men). This is almost seven years later than the EU average, and, for example, almost 15 years later than the Swedes.

Interest rates will continue to rise?

You can remove the question mark: interest rates will continue to rise. Yesterday, the ECB signaled that it would raise interest rates again in October by at least another 0.5 percentage points, and it does not stop there. For this reason, the Euribor (which has now already exceeded 2.5% in 12 months when it was negative a year ago) is rapidly approaching 3%.

Worse, in a report released yesterday, the OECD made an assessment that went unnoticed: it already allows central bank interest rates at 4%.

Yes, rates will go up.

Euribor has already risen more than the financial crisis

This is another aspect that has gone unnoticed. Many people ask if Euribor will be able to reach the record set in October 2008, at the height of the financial crisis, when it exceeded 5.5%. Everything will depend on the evolution of inflation, but even the pessimism of the OECD does not indicate such high values.

It turns out that not the value of Euribor, but its growth this year is already greater than in 2008. That year, the Euribor rose from February to September by about 1.1 percentage points, from about 4.2% to 5.5%.

This year, the 12-month Euribor, for example, rose from a negative 0.4% in early February to over 2.5% in early October.

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So installments are not as expensive as they were then, but they have more than doubled from the year that banks like Lehman Brothers or, in Portugal, BPN and BPP collapsed.

This analysis is carried out in a new feature called “People are not numbers”, which will be broadcast every Tuesday on the TVI program Jornal das 8.

Note. Cited sources of information

Bank of Portugal

Credit Market Monitoring Report

Interest rates and amounts of new loans and deposits: statistical information for July 2022

Non-financial sector debt

Amounts-Credits-Private UM-housing-M€ (new operations)

INE

Mortgage Interest Rates – August

interest rates

Evribor

ECB key rates

OECD

Economic Outlook Interim Report September 2022: Payback for War

Eurostat

Leaving home: young Europeans spread their wings

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Economy

House valuations fell by three euros, and the number of orders fell in three months | Frame

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House valuations fell by three euros, and the number of orders fell in three months |  Frame

The average value of the bank’s valuation in August was 1414 euros, which is three euros less than in the previous month, which indicates a slight slowdown in the value of houses in the context of new loans. This sign is accompanied by two other signs of slowdown, one is the year-on-year growth of 15.8%, down from the 16.1% recorded in June, and the other is the number of evaluation requests that have bounced back. the fall.

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Economy

The Lightyear 0 continues to break records and become the most aerodynamic car in the world…and it’s powered by solar energy.

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The Lightyear 0 continues to break records and become the most aerodynamic car in the world...and it's powered by solar energy.

The Lightyear 0 never ceases to amaze: in tests conducted in Germany under the WLTP homologation cycle, the electric car, which can also be powered by solar energy, scored 0.175, the lowest score of any production car in history. But this is not an absolute record.

Lighter assured that the result is surprising even for engineers who expected a value of about 0.19. Ario Van der Ham, the company’s technical director, admitted: “We are very proud of this result. We started from scratch when we began to study the machine and its technologies. We’ve put a lot of effort into this.”

The Lightyear 0 managed to beat the previous record set by the 1996 GM EV1, which was 0.19. For example, the two most aerodynamic cars sold today are the Mercedes EQS and Tesla Model S, with claimed values ​​of 0.20 and 0.208, respectively.

However, if we also take concept cars into account, the Lightyear 0 is not the most aerodynamic car – the Mercedes Vision EQXX, introduced this year, scored 0.17 points, while the JCB Dieselmax, a prototype built to set the speed record in category of diesel vehicles. , it had a coefficient of 0.147.

946 examples of the electric sedan were produced, just over 5 meters long, capable of covering almost 625 km on the WLTP cycle thanks to a 60 kWh battery, a 170 hp electric motor. and solar power, which on its own, according to the Dutch manufacturer, it can travel up to 70 km a day.

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With a base price of 250 to 300 thousand euros, this model is clearly beyond the reach of any budget. However, after 0, Lightyear is already working on a more affordable entry-level model, which has a list price of around 30,000 euros and is scheduled to launch in 2026.

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