Italy regulated electricity bills to fall 10.8%

Italy’s regulated household electricity prices will fall by 10.8% in the first quarter of 2024 compared to the previous three months, Italy’s energy authority ARERA said in a statement.

ARERA calculated that annual electricity costs for the average household falling under the regulated price regime will fall by 50% to about 684 euros ($757.05) in the 12 months ending on March 31.

Regulated electricity prices, which are being phased out in 2024 due to commitments to the European Union, last year covered about a third of Italian households, the energy authority said in its latest annual report released in July.

Electricity prices are falling despite the recent turmoil in the Middle East as demand for gas remains subdued and European gas storage levels are at just under 90% of available capacity, ARERA said.

It added that in the current quarter electricity prices have fallen thanks to a drop in gas consumption mainly due to higher production of nuclear energy in France and from renewable sources.

($1 = 0.9035 euros)