As temperatures drop and gas prices rise, the European Union cannot find an agreement on the price ceiling, Russia threatens to cut the (few) supplies to Europe through gas pipelines from Monday and the Municipality of Piombino appeals against the regasification ship expected to be in port for three years. This is where we are on the energy front. The Italian government of Giorgia Meloni continues the strategy of the previous executive. The Italian proposal for the price cap – said the Minister of the Environment and Energy Security Gilberto Pichetto Fratin on Radio24 on the morning of November 25, a few hours after the lack of agreement on the price cap at the Energy Council in Brussels – that of a dynamic corridor , which should work with a difference with respect to the average prices of a certain period (which we then have to see if the average of the last month or the price of liquefied natural gas, the parameter is then chosen) on the oscillation with respect to the sudden changes. We are unable to curb the value of the international quotation, but we can curb the sudden changes and speculation. While the field has been unanimously cleared of the hypothesis of a price cap of 275 euros per megawatt hour put forward by the European Commission, because if we applied the price path of the summer to the proposal, when the gas question exploded, it would be absolutely ineffective, perfectly useless .
Russian gas, the threat to stop
The European Union is trying to find a solution to the boom in methane prices, which exploded after the conflict between Russia and Ukraine, and is continuing with the strategy of replacing Russian gas, from which it is not yet completely autonomous, even if from an average dependence of 40 % last year (Italy 29 billion out of 76 billion cubic meters of national consumption) this year for Italy it has fallen to around 10%, but we still cannot do without it, if not with energy savings. Russian gas could stop arriving from next week. Gazprom has threatened to cut off residual supplies to Europe from Monday 28 November through the only gas pipeline still active, the one that passes through Ukraine and from Austria to Italy at Tarvisio (Udine). What would happen?
Piombino, the Municipality appeals
If for this winter the risks are minimal and only in the event of peaks because we have been able to fill the deposits at 95 per cent, for next winter there is a concern, said the minister, since the stocks must be filled without the 30 billion cubic meters of Russia. The first of the two regasification ships that will each give us an additional 5 billion cubic meters of autonomy will arrive in Piombino in the coming months and should start operating between April and May, but the Municipality of Piombino presented an appeal to the TAR on 24 November. I would have preferred it hadn’t been there, legitimate for and I hope he proves us right, commented Pichetto Fratin. The Piombino regasification terminal, with a view to 2023, would guarantee us a few billion cubic meters of gas, having less would mean not being able to fill the storage and we would have to look for alternative solutions. We await the decision of the Tar, added the minister.
Ttf, prices on the rise
In this context, after a drop in October and early November, prices on the European reference market have started to rise again. Futures maturing in December traded TTF at around 125 euros per megawatt hour. A level that compares with the 43 euros of a year ago and the record of 350 euros reached on 26 August 2022, when all EU countries (Germany and Italy in the lead because they are the largest economies that depend most on Russian imports) they were willing to pay high prices to stock up for the winter.CopyAMP code.