Italy’s net energy import costs are expected to double to close to 100 billion euros ($99.5 billion) this year, Economy Minister Daniele Franco said on Saturday, warning that Rome could not spend endlessly to ease pressure on the economy.
Italy relies on importing three-quarters of its energy consumption, which increases its vulnerability to the current energy crisis in Europe.
Speaking at the annual Ambrositi Business Forum on Saturday, Franco said Italy’s high debt burden had reduced its opportunity to maneuver against rising energy costs.
Franco said that a new set of measures will be approved this week to help companies and consumers withstand high energy bills, after six aid packages totaling so far to 52 billion euros.
“Continuing to offset higher energy prices through public finances, at least in part, is very costly and we cannot do enough,” he added.
Franco said it is important to address the performance of the energy market in Europe, where higher gas prices amid shrinking Russian exports have pushed up energy prices.
“What matters is restoring the price of gas and energy to stable levels,” he added.
Franco said Italy’s net energy imports amounted to 43 billion euros in 2021, largely in line with previous years except for 2020, which was affected by the outbreak of the Covid-19 virus.