Cost of energy imports into Italy will increase by 100 billion euros

The economy minister warned Rome it could not continue to spend eternally to soften the impact on the economy, noting that Italy’s net energy import prices are expected to more than quadruple this year to about 100 billion euros ($99. 5 billion).

Italy is more vulnerable to the present energy crisis in Europe since it imports 75% of the energy it uses. Following six aid packages totaling 52 billion euros in value to date, measures to help businesses and consumers deal with high energy costs will be approved the following week, according to Franco. Franco emphasized the need of addressing how Europe’s energy market operates, as rising gas costs and declining Russian shipments have resulted in rising electricity prices.

Bruno Le Maire, France’s finance minister, stated at the same conference on Saturday that any connections between the price of gas and that of electricity must be broken, leading to “a total decoupling” of the two costs. The cost of Italy’s net energy imports in 2021 was 43 billion euros, about in line with other years with the exception of 2020, which was impacted by the COVID-19 virus epidemic, according to Franco.