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Italy to raise power tariffs 59% for Q4 to record Eur660.10/MWh

Highlights

Intervention avoids doubling in bills

Muted interest in interruptible auction

New PSV link in monthly gas tariff

  • Author
  • Gianluca Baratti
  • Editor
  • Henry Edwardes-Evans
  • Commodity
  • Electric Power Natural Gas

Italy's power and gas regulator Arera is to increase Q4 power tariffs by 59% and alter the gas tariff to a monthly calculation after a tweak to de-link it from the Dutch TTF.

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The Q4 power tariff will see its biggest ever quarterly increase to Eur660.10/MWh, including a 71% jump in raw material costs to Eur535.50/MWh, Arera said Sept. 29.

Containment measures prevented the price from doubling quarter on quarter, Arera said.

Italy's new Prime Minister Giorgia Meloni called on the European Union to act to reduce the impact for families and businesses via a "limit on exceptional profits being made by producers and importers."

Industrial power demand fell 12% year on year in July and 15% in August, according to grid operator Terna.

Meanwhile a sale of Q4 2022 interruptible power contracts concluded by Terna Sept. 29 placed 348 MW of the 542 MW on offer, with the capacity taken at the maximum Eur105,000/MW starting price for mainland consumers.

Italian power for Q4 delivery settled at Eur456.72/MWh on the EEX exchange Sept. 29, down Eur33.28/MWh on the day.

Arera would publish a new gas tariff for October early in November, basing the figure on the average day-ahead closing price of the PSV gas hub, thereby replacing the TTF link which used front quarter prices from the previous quarter.

The Q3 gas tariff stood at Eur1.2362 per cubic meter, with energy sourcing costs making up 88% of the amount.

Italy's PSV day ahead was assessed by Platts at Eur167.025/MWh Sept. 29 compared to Eur178.00/MWh for day-ahead on the TTF. Platts is part of S&P Global Commodity Insights.