Italy’s natural gas storage is 80% full as prices hit record

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Italy’s natural gas storage is 80% full as prices hit record

9:18 CAT | 25 Aug 2022

FILE - Italian Premier Mario Draghi waves to lawmakers at the end of his address at the Parliament in Rome, on July 21, 2022. Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable to an interruption of supplies, Draghi said Wednesday Aug. 24, 2022, noting that the country has stockpiled 80% of its capacity of gas reserves ahead of winter and is on track to hit 90% by October.[File photo: AP/Andrew Medichini]

Italy’s push to rapidly reduce its dependence on Russian natural gas has made the country less vulnerable to an interruption of supplies, Premier Mario Draghi said Wednesday, noting that gas storage is 80% full ahead of winter and on track to hit 90% by October.

Draghi told an annual summertime festival in the Adriatic seaside town of Rimini that Italy has reduced its reliance on Russian natural gas from 40% last year to half that by finding new sources in countries from Algeria to Azerbaijan. The fuel is used to heat and cool homes, generate electricity and run factories.

Italy could be completely independent of Russia by fall 2024 if it installs two new regasification plants, he added.

“Our goal of diversifying from Russian gas was fundamental to giving citizens and businesses greater certainly about the stability of supplies,” said Draghi, who resigned last month after key right-wing parties yanked support for his unity government.

He remains in office until a new government can be formed following Sept. 25 parliamentary elections.

Public resistance is growing to one of the planned offshore regasification plants near the industrial port city of Piombino, in Tuscany, and how plans proceed will be a key indicator of whether parties that win the Sept. 25 vote intend to continue Draghi’s path of reducing reliance

Source: AP