An analysis published on the website of the specialized publication Energia Italia highlights recent statements by the country’s Minister of Energy Security, Gilberto Pichetto, who warned that a possible closure of the Strait of Hormuz by Iran would seriously affect the world’s fuel supply.

There would be a cut of up to 20,0% in gas supplies and 30,0 percentage points in oil availability, which “could trigger energy prices and aggravate the national economic situation, due to speculation in the markets, Pichetto warned.

“Italy has the resources to resist, but we would inevitably pay a very high price”, the minister, who referred to the measures foreseen to face such a serious situation, which comprise two main lines of action, considered.

First, technical solutions to contain the impact on prices are evaluated, with a direct intervention of the state budget in the interest of supporting families and companies, with options such as the decoupling of gas and electricity prices, to stabilize costs and protect consumers.

Fixed-term contracts with temporary discounts for companies and amortization in installments are analyzed.

In addition, the possible emergency use of coal, considered a strategic reserve in the event of a serious energy shortage, is also being considered.

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