Gas, Tabarelli: “Eni discovery in Cyprus good news”

Nomisma Energia president at Adnkronos

Eni’s important gas discovery off Cyprus “is good news given that we are currently dealing with an emergency. This discovery gives us some hope for the future“. To affirm this at Adnkronos is the president of Nomisma Energia Davide Tabarelli.

“Even in Italy of gas – he observes – there would be a lot of gas. In the Adriatic and in the Mediterranean, especially off the coast of Sicily. If we used the same research techniques applied for example to Cyprus in Italy we could triple the reserves in Italy”, underlines Tabarelli.

However, the discovery off the coast of Cyprus, in the current context, underlines Tabarelli, “is a positive but not decisive element. We will continue to have problems for 2-3 years”.

“Let’s get ready to see other peaks,” Tabarelli told Adnkronos, commenting on the trend in the price of gas which at the Dutch hub exceeded 292 euros per megawatt hour. These price trends, however, he observes, “testify to the absurdity of the system. We must intervene and close this market madness. On this issue there is an absence of politics that does not intervene. We need courageous and capable intervention”.

The ceiling on the price of gas at European level, Tabarelli underlines, “should have been achieved a long time ago. Italy has been asking for it since October when the price of gas was around 80 euros. Now it has more than tripled”. The timing of the EU Commission, he observes, “is very slow. 27 countries need to be agreed upon and there are countries like Holland and partly Germany that are hindering this measure”.

However, he stresses, “we must prepare to see other peaks. We cannot do without warming, and therefore we are willing to pay not 250 euros but also 800 euros for that good. And the markets, of course, take this into consideration. The demand for that good is inevitable because it cannot be done without “. A hope that is not a hope is that the recession will arrive which would lead to a destruction of demand “. This winter, she concludes,” the situation risks being very bad “and” we probably would not avoid a rationing “.