Italy initiates EU flexibility on energy and defense and aims for domestic hydrocarbon extraction

Italy takes another step towards the activation of the flexibility clause of the EU Pact, which opens up to an extra deficit of up to 36 billion in the three-year period for investments in energy (14 billion) and defense (22). But in the meantime it is also aiming for domestic "structural solutions" for "increasing national oil and gas production", with a measure to accelerate permits and concessions for hydrocarbon research and extraction claimed by Prime Minister Giorgia Meloni in a video.

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Cut time on authorizations

It all happened in yesterday's council of ministers, which approved another week of discounts of 17 cents per liter on diesel excise duties, postponing the transition to the "targeted aid" announced by the prime minister. Also for this reason, yesterday, Giorgia Meloni wanted to shine the spotlight on the regulation that unlocks extractions built by the Ministry of the Environment led by Gilberto Pichetto Fratin. The leverage lies in the appointment of government commissioners who, explains the Prime Minister, "will help the Regions to issue permits and concessions for the research, exploration and extraction of hydrocarbons on our territory much more quickly". «We will continue to the end», promises the Prime Minister after an easy prediction on the upcoming controversies, already started yesterday evening by the Avs leader Nicola Fratoianni according to which «the oil and gas lobbies conquer Palazzo Chigi». Meloni's interpretation is obviously opposite, based on the idea that «increasing national production means reducing dependence on foreign countries, guaranteeing lower costs for families and businesses, defending the nation's energy security and generating royalties and economic and employment benefits for the territories».

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Way to EU flexibility

Yesterday's Government meeting was also the opportunity for a (quick) briefing by the Minister of Economy, Giancarlo Giorgetti, on the letter, then immediately sent to the EU Commission, to start the process of activating the safeguard clause on energy and defence.

The move is the result of the resolution approved in Parliament on 5 August, when Giorgetti detailed to the Chambers Italy's intention to ask for the green light for an extra deficit of 0.6% of GDP for energy investments and 0.9% to strengthen security and defence. The letter launches discussions with Brussels on the uses of these margins. But it does not close the path, which must pass through the parliamentary vote on the deviation and the precise definition of the destinations of the funds raised through debt. For this reason, the text does not go into detail, and illustrates the objectives of supporting the development of renewables, increasing the security of supplies and reducing the country's dependence on imported fossil fuels, which with their fluctuating prices affect the Italian economy and public finances.

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