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Italy to Raise Power Rates 3.8%, Gas Prices 3.4% Next Month

Italy will raise electricity rates for households by an average 3.8 percent in the first quarter, following a surge in the price of oil.

Oil sold in New York has risen almost 60 percent in the past year. Natural gas, the fuel used to produce more than half of Italy’s electricity, tracks the price paid for petroleum. Italy imports more than 85 percent of the oil and gas needed to power the country, the Authority for Electricity and Gas said in an e-mailed statement late yesterday
Higher power prices will mean the average family will spend 16 euros ($24) more a year on electricity and an average of 32 euros more on gas. The power-price increase equates to 16.51 euro cents per kilowatt-hour.


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