Stock Groups

Europe needs long-term energy plan, Eni CEO says By Reuters

[ad_1]

© Reuters. FILE PHOTO Claudio Descalzi is the CEO of Eni, an Italian energy company, talks with media in Nicosia (Cyprus), April 25, 2018. REUTERS/Yiannis Kourtoglou/File Photo

MILAN (Reuters) – Soaring gas prices as winter approaches are evidence that the European Union needs to work out a long-term energy security plan, the head of Italy’s Eni has told La Repubblica newspaper.

Claudio Descalzi noted the EU imports almost all the and most of the oil it needs, making it structurally dependent on foreign supplies.

In a Saturday interview, Descalzi stated that Europe needs to be able to access what it doesn’t have today: a long-term and structured energy security plan.

He said that he doesn’t believe there will be any problems in gas procurement but added that it would cost more.

Eni is a strategic supplier of long-term gas supplies to a number of countries, including Russia.

Europe’s households are facing higher energy bills because of surging gas prices and wholesale power costs. Consumer groups warned that those most at risk could be in fuel poverty.

Spain has asked the European Commission for guidance that will help members respond consistently to spikes in power prices, without needing to challenge the rules.

This week, Mario Draghi, Italy’s Prime Minister, stated that Europe must diversify its energy supply and increase the purchasing power of countries in order to curb rising gas prices.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. You should be aware of the potential risks and financial costs involved in trading the financial market. It is among the most risky forms of investment.



[ad_2]