Treat, prevent, monitor the markets. The controversy over high bills won't stop soon, but the solutions must be sought upstream. To support it is Alberto Clo economist, one of the leading European energy experts, former Minister of Industry and Foreign Trade in the government chaired by Lamberto Dini in 1995-1996.
Clò founded and directs the Energy magazine and a few days ago he posted a long one analysis on the current energy crisis and its effects on consumers. The synthesis of his analysis lies precisely in the three initial words. We interviewed him.
Professor Clò on the high bills, politics argues and the Italians are confused. What did you think?
I'll answer you with a question: is it better for consumer citizens to see the problem pursued with buffer measures or to worry and intervene on the causes? Prices have risen gradually – in an energy crisis that has never been so serious – and some decisions had to be taken in time. It was very serious to arrive at the current situation.
Meaning what ?
In the article you mentioned, I wrote that since the middle of last year gas prices had started to rise from 2 dollars/Mil.Btu (reference caloric unit) to peaks that would have reached 40 dollars in October and then declined on the current 30-35 dollars/Mil.Btu. Even then it was necessary to prepare to manage critical situations such as the ones we are experiencing.
But who underestimated the problem?
The bodies responsible for this, which were supposed to monitor the trend of the markets, prices and stocks. What hasn't been done. I repeat it here: is it possible that no one noticed anything?
Truly Europe appears quite vague about gas supplies, apart from the most recent openings about its inclusion in the next taxonomy.
And I find it absurd to overlook the role of such a decisive energy source. Gas supplies will be strategic for many years to come. Thinking of doing without them in the green transition just because we only care about renewables is inconceivable. Look at today, where we suffer from its scarcity, finding ourselves hoping for the benevolence of Moscow or for the mildness of the climate in winter.
Meanwhile, there are the impacts on Italian families.
An impact never seen before with double-digit percentage increases in bills. From the beginning of the new year there will be a further blow with an increase in gas estimated at 40%. The social impact will become increasingly unsustainable while the government, which has already intervened with 4,7 billion euros to mitigate it, will have to employ other and even more substantial resources.
In the analysis in Rivista Energia, you write that the growth in methane prices has infected those of electricity. Can you explain this mechanism better?
According to the functioning mechanism of the electricity market, electricity prices depend on those of gas, a source which is able to guarantee the balance of the electricity system.
In conclusion, are you convinced by the Draghi government's ecological transition?
The government is making use of the margins of manoeuvre, indeed not high, which it may have, given the binding prescriptions that come from Europe in the decarbonisation process. The interventions aimed at reducing the social impact of high bills testify to the sensitivity of the government. However, I believe that these ex-post measures are increasingly unsustainable, while ex-ante action should be taken on some of the causes that are at the origin of the energy crisis we are experiencing and which I fear will not be short-lived. Starting with the modification of the criteria that the regulator uses to set the methane and therefore electricity bills for families.
