Net energy import costs in Italy could more than double in 2022 to close to €100 billion, according to a statement by the country’s economy minister.

Italy relies on imports for up to 75% of its power requirements, heightening its vulnerability to the energy crisis in Europe.

During the annual Ambrosetti business forum, Daniele Franco, Italy’s economy minister said the country’s elevated debt levels meant it had less room to manoeuvre.

Steps to help businesses and households cope with high energy bills are due to be approved next week. This follows on from six financial aid packages unveiled so far, valued at €52 billion, Reuters news agency reports.

“To keep offsetting, at least in part, rising energy prices through public finances is very costly and we could never do enough,” Franco said.

He added that addressing the functioning of Europe’s energy market is crucial, as power prices have soared due to rising gas prices amid declining Russian exports.

“What matters is to bring the price of gas and energy back to sustainable levels,” Franco stated.

The French Finance Minister, Bruno Le Maire said during the same conference that it was essential to cut links between gas and electricity prices, and move to “a total decoupling” of gas and power prices.

Last year, Italy’s net energy imports totalled €43 billion, in line with past years, with the exception of 2020 due to the Covid outbreak.

The rise of close to €60 billion forecast this year totals around three percentage points of Italy’s GDP, and will remove the net surplus in exchanges with the rest of the world Italy registered over the past few years.

“We are transferring abroad a significant part of our purchasing power,” he added.