Italy increases aid because of painful electricity costs – Archyde

The government had already earmarked 3.8 billion euros for households and businesses in the budget for the first quarter of 2022, but on Friday added 1.7 billion euros, mainly for large companies.

The state suspended or reduced taxes and levies related to gas and electricity bills last year and spent €4.2 billion in 2021 to help people and businesses hard hit by the coronavirus pandemic.

Italy, which has not produced any nuclear energy for over three decades, is extremely import-dependent and consumes large amounts of gas.

According to official statistics from both countries, gas accounts for between 35 and 40 percent of the country’s primary energy consumption, compared to around 15 percent in France.

ALSO READ: Electricity bills in Italy could rise by up to 25 percent from January

Natural gas prices have reached historic highs in recent months, affecting electricity prices across Europe.

Energy costs for service companies in Italy are expected to reach €19.9 billion in 2022, compared to €8.9 billion in 2020, according to calculations by trade organization Confcommercio.

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