Italy has approved a €3.3bn new package of measures destined to help households and firms cope with the surging energy costs, as well as boost natural gas storage amid recent shortages from Russian supply.
The 5% VAT on gas will be extended into the third quarter of 2022 and gas importers will have to pay a contribution each month (until March 2023) to reduce consumers’ gas and electricity bills. Italy’s credits export agency SACE will also guarantee financing for companies that need to replenish their gas stocks and store natural gas. The €25c/l cut on fuel prices at the pump will also be extended into the third quarter. General system charges in the electricity sector have been suspended for the third quarter of 2022 as well.
This news package comes on top of more than €30bn already budgeted since January 2022 to ease the impact of energy costs (including €1.7bn in January, €5.5bn in February and €14bn in May alone).