Italian Measures to Mitigate the Impact of Rising Energy Prices

Italian authorities have approved a new package of measures worth approximately 9 billion euros to alleviate the effects of rising energy prices. The decree adopted by the government provides, among other things, certain incentives for companies to purchase gas and electricity. In addition to financial assistance, the government has also decided to "increase national natural gas production" by allowing new marine gas concessions and increasing the volumes of gas already produced. The gas operator in the European Union announced that five countries in the union have started using their gas reserves from underground storage, which they had designated to cover the shortfall for the upcoming winter due to sanctions against Russia. Italy is experiencing protests over rising energy prices, which have impacted citizens and the industrial sector, particularly suffering from the surge in energy resource prices, especially gas.