Bills, the new government measures on price increases

Dal cabinet (Cdm) of Wednesday 22 June emerged a new decree that extension to the third semester measures against rising electricity and gas bills. Simultaneously, it will be provided liquid assets to the companies that carry out storage from natural gas to incentivize them to speed up filling, and it will be introduced a contribution for companies that import a certain threshold of natural gas on the Italian market. The new intervention should amount to approx 3.27 billion euros.

The supports for bills

As regards the question of bills, it was extended for a further three monthsuntil 30 September, the elimination of general system charges in the electricity sectoras well as the reduction of VAT and general charges in the gas sector. As stated in the draft of the decree, the invoices issued for estimated or actual consumption in the months of July, August and September they are subject to the VAT rate of 5 percent“. This is a government commitment of nearly 3 billion to freeze increases in bills that would otherwise have taken place on July 1st.

Support for gas storage companies

The provision provides that it will be extended “to companies that store natural gas in Italy” the public guarantee State for credit insurance (Sace). This intervention, valid until next December 31, is designed for accelerate the filling of the storages, or the underground deposits where gas is stored during the summer in view of the winter or to build up stocks to be used in an emergency. The aim is to be ready when the temperatures drop and there may be a need to tap into stocksan eventuality made probable from the uncertainty surrounding the gas issue at present.

The contribution for natural gas importers

Natural gas importers will have to pay a contribution to the Energy and Environmental Services Fund (Csea). The decree does not specify the percentage which will have to be paid, but is explained how the contribution should be calculatedthat is to say “a percentage – to be established – of the difference between the efficient average cost of the market relating to the retail sale of gas through urban networks and the average import price in the month in question“. Furthermore, in the event of a negative balance, the contribution paid will be made by the government. This contribution will be used to help finance the supports for bills.

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