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    Italy considers lowering incentives for photovoltaic and hydroelectric plants

    January 18, 2022 - CE Noticias Financieras


      Rome, Jan 18 (EFE) - The Italian Minister of Ecological Transition, Roberto Cingolani, proposed Tuesday to reduce the fixed incentives that have been applied for some time to photovoltaic and hydroelectric power plants, to help with subsidies to vulnerable families to the rising cost of energy bills. Cingolani explained today in the Senate that he has suggested to the Prime Minister, Mario Draghi, several solutions to tackle the situation, including reducing by 1.5 billion euros the incentives to photovoltaic power producers and by between 1 billion and 2 billion to hydroelectric power plants. Sources close to the ongoing talks explained to Efe that these are fixed incentives, which have long been included in contracts signed with these companies and were defined when investing in renewables was more expensive, but that the situation has changed. Other proposals are to dedicate 3,000 million euros to freeze fixed system charges in electricity and gas, something that Rome has been doing since July last year with several packages approved each quarter and that together reach an amount of more than 8,000 million euros until March this year. Or using some 1.5 billion obtained from auctions of CO2 emission allowances to help families with a more complex financial situation. The country's energy markets management body (GME) reported Tuesday that the average power purchase price on Italy's wholesale market was E230.63/MWh between January 10 and 16, up 10.6% from the previous week and up 241% from the week of January 11 and 17, 2021. The Italian government is considering options to reduce the high costs of electricity bills, due to the increase in the price of gas on international markets, and is leaning towards increasing domestic gas production, sources familiar with the situation told Efe. The intention of the Executive is to approve a package of measures in a Council of Ministers that has yet to be convened and could be held on Thursday. EFE lsc/mr/pddp


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