Two in three Portuguese say energy prices cut their purchasing power, EIB survey finds

Energy costs and household budgets

The European Investment Bank's eighth Climate Survey, based on 23,000 interviews across the 27 member states and published on Thursday, 5 November, found that 68% of Portuguese say rising prices for gas, fuel, heating oil or electricity significantly reduced their purchasing power over the past 12 months. The EU average is 60%, and Romania (80%) is the highest while Malta (23%) is the lowest. Portugal ranks seventh highest in the bloc on this measure.

To cope, 34% of Portuguese cut spending on everyday food or health, 24% turned down their heating, and 13% went into debt, asked for financial help or delayed paying an energy bill. Transport changed too: 65% said they had altered how they use their car, against a 60% EU average, and 28% said they now drive more slowly to save fuel, compared with 22% across the bloc.

Support for the energy transition

Some 85% of Portuguese consider the energy transition urgent for their country, one of the highest shares among the 27 states, while the EU average is 75%. Nearly nine in ten Europeans want politicians to prioritise renewable energy. The survey was released a few days before the start of COP31, the UN climate summit.

Asked what they expect from the transition, 85% of Portuguese cite lower dependence on imported oil and gas, 84% expect more stable or lower prices, and 79% expect it to slow climate change. In 2022 the climate benefit was the most cited reason in Portugal and 18 other member states. Today reducing energy dependence ranks first in Portugal and 15 other states.

Risks of a slow transition

Asked about the consequences of the EU moving too slowly, 80% of Portuguese point first to a growing dependence on imported oil and gas, against 78% across the EU. Some 79% name the risk of higher energy prices and living costs over the long term, in line with the European average.

Official reaction

EIB Group President Nadia Calviño said in a statement that the survey pointed to a clear direction for policy.

“In a rapidly changing geopolitical scenario, this is the right decision for the planet and also the smart decision for our economies, to lower energy costs for businesses and households.”

The survey links the price rises to higher fossil fuel costs after the war waged by the United States and Israel against Iran, which the survey report says convinced more people that renewables are the best way to cut costs.

Household spending in context

Separately, the statistics database Pordata reported that housing, food and transport absorb almost two thirds of household budgets, with an average household spending 23,900 euros a year. Housing accounts for 39% of that spending, food for 13% and transport for 12%. Pordata also noted that in 2024 one in five taxpayers declared income of up to 625 euros a month after income tax withholding.

Portugal68%

EU average60%

Romania (highest)80%

Malta (lowest)23%

Portugal

68 %

EU average

60 %

Romania (highest)

80 %

Malta (lowest)

23 %

Data from the article text