Italy to unveil new $5.4 billion package deal to melt power prices, officers say By means of Reuters

© Reuters. FILE PHOTO: A normal view of the Top Minister’s place of work Chigi Palace at the day Mario Draghi is predicted to deal with the Parliament after he tendered his resignation ultimate week within the wake of a mutiny by way of a coalition spouse, in Rome, Italy July 20, 2022.

By means of Giuseppe Fonte

ROME (Reuters) – Italy will element on Tuesday a brand new package deal of measures price virtually 5 billion euros ($5.41 billion) to chop pricey power expenses paid by way of households and companies, govt officers stated.

The place of work of Top Minister Giorgia Meloni known as a press convention on the finish of the cupboard assembly scheduled for 1500 GMT to talk about the measures.

Rome earmarked over 21 billion euros in its 2023 price range to melt the have an effect on of power prices at the euro zone’s third-largest economic system within the first quarter of this yr.

Meloni goals to redesign those measures the use of a part of the investment to start with put aside however no longer but spent because of a up to date drop in power costs, the officers stated.

The benchmark fuel contract at the Dutch TTF hub hovers round 42 euros in line with megawatt hour (MWh) at the present, sharply down from 73 euros in early 2023.

The federal government will lengthen till June an present bonus geared toward chopping power expenses paid by way of low-income families, which advantages folks with an annual revenue of as much as 15,000 euros.

Separate tax bonuses will lend a hand corporations whose spending for electrical energy and fuel provides within the first quarter of 2023 larger by way of greater than 30% when compared with the similar length within the yr 2019.

A flat-flee bonus to compensate fuel prices for households will take impact from October till December.

Rome additionally intends to melt a providence tax weighing on power firms that experience benefited ultimate yr from oil and fuel costs.

The appropriate-wing management plans to use a 50% one-off levy at the a part of 2022 company revenue which is a minimum of 10% upper than the typical revenue reported between 2018 and 2021.

Italy stated ultimate November it anticipated to lift round 2.565 billion euros from the scheme, however now the Treasury needs to exclude a part of the firms’ reserves from the 2022 revenue which is had to estimate the tax due, consistent with the draft.

($1 = 0.9235 euros)

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