Italy plans to begin refilling its natural gas storage sites in February, earlier than usual, to prevent potential price surges later in the year. Minister Gilberto Pichetto Fratin cited geopolitical tensions and speculation as risks, warning that wholesale gas prices could be higher in summer 2025 compared to winter. Italy's move comes as Europe depletes its gas storage at an accelerated rate, leading to price increases. The minister also urged the EU to extend the cap on natural gas prices, setting it at a lower level to mitigate further shocks to energy bills.
Italy , the EU’s third-largest economy and the country holding the second-biggest natural gas storage space in the bloc, plans to begin refilling its sites as early as February, to avoid price spikes later in the year, Italian Energy Security Minister, Gilberto Pichetto Fratin, said on Thursday.
The Dutch TTF price, the benchmark for European gas trading, hit earlier this week levels last seen in October 2023, amid the halt of Ukrainian transit of Russian gas, and the sub-zero temperatures in many of the biggest gas-consuming economies in northwest Europe that are depleting storage levels at the fastest pace in eight years. Italy’s Pichetto also urged the EU, again, to extend the cap on natural gas prices but set the cap at a much lower level, to avoid fresh shocks in energy bills.
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