Italy to current additional measures to curb power prices, enhance fuel storage By Reuters

© Reuters. FILE PHOTO: Italian Prime Minister Mario Draghi attends a information convention with Ukrainian President Volodymyr Zelenskiy, Romanian President Klaus Iohannis, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv, Ukraine June 16, 2022. L

ROME (Reuters) – Italy will current new measures on Wednesday to assist households and companies address surging power prices and enhance fuel storage amid a Russian provide squeeze, the workplace of Prime Minister Mario Draghi stated.

The package deal comes on high of greater than 30 billion euros ($31.52 billion) budgeted since January to melt the affect of sky-high electrical energy, fuel and petrol prices, that are weighing on the expansion prospects of the euro zone’s third-largest financial system.

The measures will primarily give attention to extending to the third quarter current tax breaks and bonuses geared toward reducing gasoline payments for energy-intensive enterprises and poor households, a authorities assertion stated.

Ministers will even study a measure to assist power teams safe cheaper financing to purchase fuel for storage.

Authorities and trade sources informed Reuters on Tuesday {that a} potential possibility was for the state to ensure financing for corporations that have to replenish their fuel provides.

Rome has stated it plans to have the nation’s fuel storage system stuffed to not less than 90% of its capability by November, consistent with an EU-wide goal, up from 55% at current.

Italian power group Eni stated its request for fuel provide from Russia’s Gazprom (MCX:) for Wednesday had been solely partially confirmed, the eighth straight day that the corporate could have acquired much less fuel than requested from Moscow.

Italy will get about 40% of its imported fuel from Russia and, like different European Union nations, has begun efforts to diversify its power provide combine within the wake of Moscow’s invasion of Ukraine.

($1 = 0.9517 euros)

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