yes to nuclear tests – Corriere.it

The first economic commitment of the Meloni government will concern the approval of an aid decree law, the fourth in the series, to extend the measures against expensive bills for businesses, which expire in November, until the end of the year. The first EU Council in which the Meloni government will take part is today’s meeting in Luxembourg of the 27 energy ministers, which will be attended by the new Minister for the Environment and Energy Security, Gilberto Pichetto Fratin, with the former minister Roberto Cingolani in the role of consultant. Ministers will have a first discussion on the legislative proposal presented by the EU Commission last week to contain gas prices and which has seen the green light of EU leaders. They are not, however, expected decisions.

Tax credits

The government measure concerns in particular tax credits of 40% for energy-intensive companies and 30% for others, including small ones. The cut in excise duties on fuels will also be extended until 31 December, which saves about 30 cents per liter on the price at the pump and which would otherwise expire on 18 November. Among the hypotheses there is also a new one-off bonus of 150 euros for workers and retirees up to 20 thousand euros. In this case, however, it will depend on the resources available. Approximately 5 billion euro would be needed for tax credits while another billion for excise duties.

The 10 billion treasury

The government will be able to draw on 4-5 billion euros of European structural funds, which the EU commission has decided can be diverted to bills. Other, but limited, resources will advance from the hedges allocated with the latest decree, given that the price of gas is falling. Yesterday 24 October at the Ttf market in Amsterdam, methane dropped below 100 euros per megawatt hour, to 99 euros, 12% less since Friday. But today it reached 96.65 euros and hadn’t happened since mid-June. Finally, there is the treasure of a dozen billion left in inheritance by the Draghi government, thanks to higher-than-expected revenues, largely due to inflation that has inflated VAT revenue. But the government would like to keep this provision for the 2023 Budget Law which, between compulsory expenditure on pensions, public contracts and international missions, plus the additional aid that will be necessary for businesses and families (we also think about the increase in the ISEE to benefit of the social bonus on bills), already requires between 30 and 40 billion.

The gas price corridor

As for the price corridor, within two to three weeks the energy ministers will take the decisions, assured the president of the European Council, Charles Michel yesterday. But the Commission proposal only indicates the principles with the stakes limiting its use, starting with the fact that the corridor must not affect gas exchanges or jeopardize the security of supply. After the agreement expected at the Extraordinary Energy Council, convened for 18 November, the Commission will propose in detail the mechanism on how the corridor will be established and will be reviewed and approved by the Council from time to time on the basis of market conditions and supplies. Meanwhile, ESMA, the European Financial Instruments Authority, has said that it is important that there is a mechanism that guarantees orderly price formation (automatic switches). Minister Pichetto Fratin assured that the government will continue on the path traced by the Draghi executive at the EU level and said he was in favor of experimenting with the new generation of nuclear power.