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Italy has gas reserves above the European average, but energy prices are hitting record highs.

With stocks at 76%, Italy leads the EU in gas reserves, but is paying the highest electricity price since December 2022.

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Italy has gas reserves above the European average, but energy prices are hitting record highs.
Italy has above-average gas reserves compared to Europe, but energy prices are hitting record highs. Photo: reproduction / RaiNews.

According to the RaiNews portal, Italy accumulated gas reserves above 76% on August 6th, equivalent to almost a quarter of all gas stored in the European Union, while the bloc's average stood at 57%, the lowest level for that period since 2011. Even so, the wholesale electricity price hit €207,84 per MWh on August 5th, the highest since December 31st, 2022, and the gas index rose to €60,91 per MWh, more than 50% higher than a year earlier.

The paradox has a structural explanation: having gas in storage does not protect the country from market shocks. The wholesale price remains tied to European and international markets.

Read also On a surprise mission in the Gulf, Meloni seeks to secure energy supplies for Italy.

Read the original article in Italian at RaiNews.

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