The government takes cover and approves a substantial new package of support to cushion the effects of the rising electricity and gas prices coming with the next bills. Increases that are announced in double figures given the persistence of skyrocketing prices for gas which yesterday stood at just under 200 euros per megawatt hour.
The squeeze on extra profits
Hence the decision of the executive to accelerate on new measures against expensive energy with almost 8.4 billion euros of resources out of the 17 billion total dowry – of which 14.3 freed from the budget adjustment, to which others are added 2 billion outside that perimeter – at the basis of the decree approved on 4 August by the CDM. Which also contains a further cut in the contribution wedge and the revaluation of pensions.
With the provision comes, then, also a squeeze on extra-profits which will pass through a tightening of the sanctions. While, on the front of the extraordinary levy for renewables, the calculation time base is lengthened (from the end of the year to June 30, 2023) and the scope of application changes, clarified on August 4 at a press conference after the CDM, the Minister of Ecological transition, Roberto Cingolani. Who then remarked the achievement of the 74% bar in filling storage, after praising the work of GSE and Snam, and therefore ruled out the use of possible gas rationing in the event that Moscow closes the taps permanently. “In a few months our dependence on Russian gas has dropped from 40 to 15%,” added Cingolani. The Genoese physicist then summarized the numbers of the new gas and LNG supplies arriving between now and 2024 and reiterated the strategic nature of the two new floating regasifiers for national security: “If we fail in the regasifiers we must be very careful”.
So far the future steps, but in the meantime the government extends an additional security cordon around businesses and families with almost 7.3 billion new interventions against expensive energy, which are flanked by about 1.1 billion euros to extend the cut of excise duties on fuels as of 20 September.
Intervention on charges and bonuses
But let’s go in order. In the package of anti-price increases, there is first of all the replication of two measures (the elimination of the charges for electricity and gas and the cut in VAT on the second), which will also be extended to the fourth quarter precisely to lighten the possible impact caused by the soaring prices are expected to arrive with the next invoices. In terms of coverage, 1.1 billion will be used to eliminate charges in the electricity sector for the last three months of the year for both households and small businesses, while 1.8 billion will be used to reduce the weight of parafiscal items on the gas bill. Which will benefit, as in previous quarters, also from the 5% VAT reduction for civil and industrial consumption (cost: 798.7 million). Overall, 30 million households and over 6 million small businesses, artisans and traders will benefit from this.