“The effects of the conflict in Ukraine on the energy market have gradually receded starting from 2023. Gas and electricity prices fell by 70% in the first half of 2023 for gas and by around 20% for electricity” . This is what Eurispes underlines in the 36th Italy report, explaining that “the sharp contraction in demand was above all what pushed the price of gas down”.
Energy prices also decreased during 2023. For the typical domestic consumer, Eurispes notes, “in 2023 the average price of gas fell by 27%, settling at 93 c€/m3, that of electricity fell by 34%, reaching 32.3 euros/mwh. However, these reductions have not brought prices back to levels prior to the crisis that erupted in February 2022, given that the price of gas is 24% higher than the average for the previous five years. 2022 while that of electricity continues to be 60% higher”.
As regards non-domestic consumers, according to Enea, Eurispes observes, “the average price of gas has decreased by around 10% and that of electricity by around 20%. However, exactly as for private consumption, also for companies, the price of gas in 2023 continues to be more than double what was recorded in the five-year period preceding the crisis, while the price of electricity stands at prices above 40%. he impact of the almost zero imports of gas from Russia, although Italy remains the country with the highest gas consumption at a European level, the extremely low value of consumption recorded in the last year has reduced the relative importance of gas on Italian energy consumption. Finally, as regards oil supplies, the effects of the Western embargo on Russian gas have led to a rapid and complete reorganization of flows, which have allowed Italy to substantially eliminate imports of Russian crude oil and products”.
