Italy's Gas Storage Facilities 90% Full Ahead Of Schedule - Ecology Ministry

Italy's Gas Storage Facilities 90% Full Ahead of Schedule - Ecology Ministry

Italy has filled its underground gas storage facilities to 90% ahead of schedule, and is planning to further grow its gas stock to mitigate consumption peaks in winter, the country's Ministry of Ecological Transition said on Wednesday

ROME (Pakistan Point News / Sputnik - 28th September, 2022) Italy has filled its underground gas storage facilities to 90% ahead of schedule, and is planning to further grow its gas stock to mitigate consumption peaks in winter, the country's Ministry of Ecological Transition said on Wednesday.

"This result allows us to set an even more ambitious goal of filling the storage by 92%-93% in the coming weeks to guarantee more flexibility in case of consumption peaks in winter," Italian Minister for Ecological Transition Roberto Cingolani said.

In August, the average wholesale electricity price in Italy increased to 543 Euros ($520) per megawatt-hour, which is a five-fold surge year-on-year, according to the Statista statistics portal.

For several months, European countries have been facing an acute economic crisis, partially caused by supply chain disruptions and sanctions imposed by the West against Russia in response to its military operation in Ukraine. With prices on energy, food skyrocketing and household and business asking for more financing assistance, some of the EU countries have adopted relief packages to boost the economy and mitigate consequences of the crisis.