Energy crisis: Italy to spend another €6 billion to offset price rises

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Energy crisis: Italy to spend another €6 billion to offset price rises
Soaring energy bills in Italy. Photo: Giorgio Tomassetti / Unsplash

The Italian government on Friday announced nearly €6 billion more in aid mainly for businesses hit by soaring energy bills.


The cabinet-approved package comes on top of some €10 billion already budgeted since last summer to shelter customers and businesses.

"We are putting nearly eight billion euros on the table, including six billion in energy aid", Prime Minister Mario Draghi told a news conference.

READ ALSO: Rising energy prices: How to save money on your bills in Italy

The decree signed on Friday introduces measures to simplify and speed up the construction of renewable power plants, he said.


It includes €1 billion in support for the Italian automotive industry and less polluting vehicles, which Draghi said were "at the heart of the ecological transition".

And will also see the government "intervene in a structural manner to increase Italian gas production".

Italy, which has not produced nuclear energy for over three decades, is extremely dependent on imports and consumes a lot of gas.

Gas accounts for between 35-40 percent of its primary energy consumption, compared with around 15 percent in France, according to official statistics for both countries.

Natural gas prices have reached historic highs in recent months, sending electricity costs spiralling across Europe and pouring cold water on the economic post-pandemic recovery.


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