Tabarelli (Nomisma): “Complicated price cap, reduce gas consumption to deflate the price”

Tabarelli (Nomisma): “Complicated price cap, reduce gas consumption to deflate the price”
Tabarelli (Nomisma): “Complicated price cap, reduce gas consumption to deflate the price”
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BOLOGNA – While the hypothesis of a European price cap on the purchase price of Russian gas triggers the reaction of Moscow, which threatens to turn off the taps once and for all, it remains to be understood some mechanism actually has the EU in mind and whether it is not too late to find an effective solution, when, on the other hand, it would be better to think about how to reduce demand to bring prices down. At least, that’s how the president of Nomisma Energia, Davide Tabarelli, thinks. The mechanism of the European price cap, he explains to ‘Dire’, “nobody understood it well, because it is a measure that comes in the middle of a chaotic situation. It is difficult to do, to think about, to design, to apply to a market that believed itself to be competitive and wants to keep it that way. It was never conceived“, He observes. “One solution could be freezing consumer prices and the difference is paid by the ECB or by individual states. And then we apply a cap, giving Russia a pretext to eliminate supplies, which it would have done anyway ”, Tabarelli reasons.


“Said this the best solution would have been to try to have a roof applied the first time it was talked about, in October last year, when Italy was the first country to offer it and when the price was 80 euros per megawatt hour, while now it has also been 300 euros. The cap was to be applied to all suppliers to Europe. We could have hoped, when the price was 80 euros, that the US and Norway and Qatar would accept a maximum price of 85. Then the prices are usual and then what maximum price can we make them accept? Why do they have to give up billions of profits and proceeds? The situation is now very complicated ”, admits the number one of the independent research center specializing in energy and the environment.


“They should accept it because we are at war, but this must be declared. And then we have to be careful not to talk too much about a gas price cap, because we have to do other things, ”she adds. For Tabarelli, “the important things to do are to reduce demand, even with high prices. If we artificially keep prices low, demand does not drop. By reducing demand, however, the price deflatesas happened in the last week: there are signs of recession and the price is falling, ”he explains.


“On the other side we have to go full throttle on everything that is not gas: coal, nuclear for those who have it. France must use more nuclear power and export it to Italy, even if there is no mention that half of France’s electricity and nuclear systems are under maintenance. Germany must delay the closure of its three plants and continue to use more coal. In Italy we speed up everything we can, but we have to reduce the demand and increase the supply of gas, by taking it elsewhere“, Is Tabarelli’s recipe.


“We have to rationing gas, closing down industries that consume a lot, trying to lower demand to bring down the price and prepare for this winter, so as not to leave poor people, schools, hospitals in the cold. Our generation is no longer used to sacrifices, but we can do without some things, it won’t be a tragedy, let’s get ready. There will be protests, but let’s suppress them if there are, because we are in a situation of war ”, the expert says out of his teeth. Certainly, he admits, “there is no manual”, the price cap “is an invention, which made sense when prices were calmer. Biden, who is also an ally, how can he say 100 euros is fine, when there are his hungry traders, who have made, risking billions of dollars, the regasifiers that we in Europe do not want, because we have Bonelli who says they are not needed ? ”, Asked Tabarelli provocatively.

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Read also: Confindustria: “We need a gas rationing. Go ahead with nuclear power “

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The article is in Italian

Tags: Tabarelli Nomisma Complicated price cap reduce gas consumption deflate price

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