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    ENEL   IT0003128367

ENEL S.P.A.

(ENEL)
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Delayed Borsa Italiana  -  05/20 11:37:32 am EDT
6.123 EUR   +3.15%
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Italy household energy bills to jump in next quarter - regulator

12/30/2021 | 12:47pm EDT
FILE PHOTO: Power lines connecting pylons of high-tension electricity are seen in Montalto Di Castro

MILAN, Dec 30 (Reuters) - Italian household electricity prices will jump 55% in the first quarter of next year and gas prices will rise 41.8% due to higher commodity prices, energy watchdog ARERA said on Thursday.

The increases take into account 3.8 billion euros ($4.3 billion) of public money stumped up by the government to curb the surge in retail energy bills in the first three months of next year.

Without these measures, power and gas prices for families on the regulated market would have risen by 65% and 59.2% respectively, ARERA said.

Soaring energy prices, triggered by heavy demand for gas as economies look to emerge from the coronavirus pandemic, have prompted governments across Europe to introduce measures like subsidies and tax breaks to try to shield consumers from high bills.

They have also led to calls in some countries for EU-wide solutions, though other governments are wary of long-lasting regulatory reform for what they say could be short-term price spikes.

The head of ARERA, Stefano Besseghini, acknowledged that many Italians faced serious and unexpected hardship.

"ARERA is considering changes to the part of regulations that normally applies to ordinary phases, adapting it ... to what is an unprecedented situation."

Rome, keen to support lower-income households as the health pandemic takes its toll, has spent around 8 billion euros overall since July to curb hikes in energy bills.

Besides one-off measures, including a 5% cut in VAT on gas in the first quarter, it is looking into longer-term structural reform of the energy market.

ARERA said money from the government allowed "system charges" in bills to be temporarily suspended.

System charges, which include things like renewable energy subsidies and nuclear decommissioning, account on average for more than 20% of Italians’ final bills.

ARERA reviews power and gas prices quarterly for households still on Italy’s "protected", or regulated, market. Some of the measures can also affect the bulk of consumers and businesses who are now on the liberalised market. (Reporting by Stephen Jewkes, editing by Maria Pia Quaglia and Nick Macfie)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
A2A S.P.A. 1.03% 1.6655 Delayed Quote.-3.17%
ENEL S.P.A. 3.15% 6.123 Delayed Quote.-13.10%
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Financials
Sales 2022 89 896 M 94 837 M 94 837 M
Net income 2022 5 652 M 5 963 M 5 963 M
Net Debt 2022 57 351 M 60 504 M 60 504 M
P/E ratio 2022 11,0x
Yield 2022 6,53%
Capitalization 62 221 M 65 641 M 65 641 M
EV / Sales 2022 1,33x
EV / Sales 2023 1,45x
Nbr of Employees 66 867
Free-Float 76,4%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 6,12 €
Average target price 8,29 €
Spread / Average Target 35,3%
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Managers and Directors
Francesco Starace Head-Marketing Division
Alberto de Paoli CFO, Head-Administration, Finance & Control
Michele Alberto Fabiano Crisostomo Chairman
Francesco Venturini Head-Administration & Management Control
Anna Chiara Svelto Independent Director
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