(Finance) – Although the progress of the acquisitions is positive, Italy will not be able to cover Russian gas at 100% before the winter of 2024-25. That’s what he said Eni’s CEO, Claudio Descalzi, speaking to the Forza Italia convention in Naples.
“The problem of volumes – he said Descalzi – it is positive, in progress, but we are unable to cover them for the winter of ’22 -23 if not at 50%, starting from October-November. At the same time, we will have to replenish the stocks and without Russian gas it is extremely difficult. Excluding Russian gas we will be able to cover 80% of our needs in the winter of 23-24 and 100% in the winter of 24-25. We have to do even more in terms of renewables and they have to grow much more than they are doing now, and national gas has to grow. Speaking of energy and selling the situation we must not rest assured, there is a problem of volumes and prices – continued Descalzi -. Italy imports 90% of its energy, I’m talking about gas and oil. Russian gas is continuing and we do not know how long it will continue and this has created problems on prices that had already risen significantly before the war and before the signs because in the last 8 years there was 40-45% less investment since countries like China they started to increase gas consumption. Strong demand and little investment and weak supply has been created. Problem accentuated by the war in Ukraine which can do away with Russian gas. We – explained Descalzi – have moved not so much from other suppliers but on our reserves that Eni has in all North African and African or Middle Eastern countries. They are our productions via pipe, via Algeria and Libya and then liquefied natural gas in Egypt. Now let’s try to redirect these productions “.
Asked about the need for a ceiling on the price of gas in Europe Descalzi said he was in favor. “I think it is something that needs to be done and if we do not put a ceiling on a European level – explained the CEO of Eni – we give space to speculation because now there is no shortage of gas, all sources are active and despite this there are prices. which are absolutely not justified by the volumes that are present. We are in favor – he said – of the fact that there is a price and that the profits made by producers who are all outside Europe are reasonable earnings, because the the gap between production costs and the price of the European hub to which the gas is sold which is really not justifiable. I know that the issue is being discussed in Europe but not everyone agrees. Northern European countries do not want the roof. those who have an energetic mix like ours suffer but it is not a well-distributed suffering. I think that with a little more solidarity and understanding in Europe, it is an agreement that must absolutely be reached “.