High energy prices to drag on into 2023: Italian minister

ROME: High energy prices could last into 2023, with the current situation becoming “more tense than expected”, Italy’s energy minister said on Wednesday.

In an interview with daily Il Messaggero, Roberto Cingolani said that European countries were all assessing measures to tackle soaring energy prices and that a European energy ministers meeting should be held in January.

Rome has stumped up billions of euros to offset rises in retail energy costs in consumer bills in recent months, but is now studying a series of structural reforms.

Cingolani said Italy could consider doubling its domestic gas production - currently at 4 billion cubic metres per year - to face energy price spikes.