Italian Minister says gas storage levels are excellent in Italy and Europe

Gilberto Pichetto Fratin, the Italian Energy Minister, said that the gas storage levels in Europe were "good". He added that his country was near the 90% target set out by the European Union.

Pichetto, speaking at the TEHA forum in Cernobbio, said: "In Italy, we are not worried about gas storage. The level in Europe is good, but slightly lower."

Gas storage at high levels can act as a buffer for unexpected spikes in demand in winter.

After the full-scale Russian invasion of Ukraine 2022, the EU set storage targets. The EU has set a 90% target for member states to reach between October 1 and Dec. 1.

Pichetto, however, said that Italy wasn't ready to demolish coal-fired power plants in mainland Italy by the end of the year, as originally planned. He singled out Enel plant in Civitavecchia, and Brindisi.

"We are in the middle of a war, and the situation in the Mediterranean is deteriorating by the minute. I'm not in a place to demolish coal-fired plants," said Pichetto. He had earlier expressed doubts regarding the deadline for the end of the year.

The reduction in shipping through the Suez Canal as a result of attacks by Yemeni Houthis and the instability in Libya has affected the gas supply across the Mediterranean.

When asked whether Italy could increase its imports of LNG from the United States

Pichetto stated that imports of LNG from the United States are "convenient" for the time being, and any price increase depends on the market. Reporting by Francesca Landini, Editing by Valentina Z and Aidan Lewis

(source: Reuters)