ROME: Italy’s government said on Thursday it was lending state-owned firm GSE 4 billion euros ($4.17 billion) to buy gas to boost stockpiles, as the country scrambles to tackle a gas supply squeeze from Russia.
Rome aims to have its gas storage system filled to at least 90% of capacity by the end of this year, up from 58% at present.
The state energy management agency Gestore dei Servizi Energetici (GSE) - which is formally in charge of promoting renewables - will help boost gas stockpiles as surging energy prices complicate operators’ efforts to help meet the year-end target set by the government.
A draft decree seen by Reuters did not spell out where GSE would buy the gas, saying it could act in coordination with state-controlled energy firms and gas transport group Snam .
The scheme, first reported by Reuters last week, is part of a broader decree approved by Mario Draghi’s cabinet on Thursday, which includes measures worth around 3 billion euros to help families and firms cope with sky-high electricity, gas and petrol costs. This decree extends to the end of the third-quarter measures aimed at cutting electricity and gas bills for enterprises and households. These include lowering tax rates on natural gas, and subsidising energy supplies for low-income families.
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