Italy reported a twofold increase in energy import costs

Paccording to the head of the Italian Finance Ministry, in 2022 the country’s energy import costs will increase from €43 billion to €100 billion, which is 3% of GDP

Italy reported a twofold increase in energy import costs

The cost of energy imports for Italy in 2022 will increase by 60 billion euros compared to 2021, which is 3% of the country’s GDP. This was announced by the Minister of Economy and Finance of Italy Daniele Franco, reports Reuters.

“In terms of energy imports, we are moving from €43 billion in 2021 to €100 billion, which this figure may reach in 2022. An increase of 60 billion euros means 3% of GDP, the outflow of Italian resources abroad, which nullifies the surplus that we have accumulated in recent years,” he said.

According to the minister, in 2021 Italy imported three quarters of the required volumes of energy resources. At the same time, at the beginning of the year, Italy imported 40% of gas from Russia, but in July this figure decreased to 25%. Thus, Italy has overtaken Germany in terms of reducing dependence on Russian gas.

The energy crisis is growing in Europe against the background of rising gas prices. At the end of July, the EU countries reached a “political agreement” on a voluntary reduction of gas consumption by 15% by the end of March 2023, in connection with which some states introduced a special regime in the energy sector to save fuel for the cold.

Earlier, the general manager of the Italian Eni, Claudio Descalzi, admitted that Italy would be able to survive the winter in case of stoppages of Russian gas supplies. According to him, as of mid-June, the Italian gas storage facilities were 54% full, but by October they should be 70-80% full.

On August 31, Eni reported that Gazprom had reduced gas supplies to Italy from 27 million cubic meters to 20 million cubic meters. Also, from September 2, Gazprom completely cut off supplies via Nord Stream-1, citing technical reasons.

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