Gasoline breaks through 2 euros: for the large refiners, record-level profits
by Luca Pagni
MILAN – Italy risks paying one of the highest bills from the rising cost of energy. This is the alarm raised by the Confindustria Research Center that its estimates “reveal how, compared to France and Germany, Italy is the country where the energy crisis risks causing the greatest damage”. The economists of via dell’Astronomia thus sound the alarm about the increase in the “cost competitiveness gap of Italy from the main European partners”. And they update the estimates on the Italian energy bill: between 5.7 and 6.8 billion more per month, between 68 and 81 more per year. For the manufacturing sector between 27.3 and 31.8 billion more per year.
“Despite the increase in the prices of raw materials exert a substantial impact on the energy costs of all sectors and for all countries, the Italian system emerges as the most affected”, warns the Confindustria Study Center, which estimates: “In monetary terms this impact would result in an increase in the Italian energy bill including (depending on the assumptions underlying the estimates) between 5.7 and 6.8 billion euros on a monthly basis, or in a greater charge of between 68 and 81 billion on an annual basis. . Looking at the manufacturing sector alone, the increase in energy costs can be quantified between 2.3 – 2.6 billion monthly, or between 27.3 – 31.8 billion on an annual basis. For Germany, the increase in energy costs is estimated between 7.7 and 8.0 billion per month (91.9 – 95.7 per year) for the total economy and at approximately 3.7 – 3.8 billion per month (45.9 – 47.2 per year) for the manufacturing alone, while for France the estimates are between 1.7 and 1.8 billion monthly (20.2 – 21.8 annu i) for the total economy and about 0.6 billion per month (7.5 billion per year) for manufacturing alone “. Italy weighs “the different mix of energy sources used”, “the pervasive and significant impact that the energy crisis is having on the Italian economy is linked to the strong dependence, much higher than in France and Germany, of our country from the use of natural gas, not only as a source of electricity production but also as a direct input into production processes “.
by Luca Pagni
Thus, the CsC report highlights that “with unchanged pre-crisis policies, the incidence of energy costs on the total production costs for the Italian economy is estimated to reach 8.8% in 2022, more than double the corresponding French figure (3.9%) and almost a third more than the German one (6.8%). This would widen the cost competitiveness gap of Italy from the main European partners. And this would happen for all the main sectors of the economy: from the primary sector, to industry and services “. For manufacturing, “the distance would widen especially in comparison with France, but the loss of competitiveness would not be marginal even compared to Germany. By 2022 it is estimated that the impact of energy costs could reach 8.0% of costs of production for the Italian industry (from 4.0% in the pre-crisis period), compared to 7.2% for the German industry (from 4.0%) and 4.8% for the French industry (from 3.9%). The greater impact for Italian manufacturing companies compared to French is generalized to all sub-sectors, while the comparison with the German ones the picture appears more varied: among energy-intensive ones, the damage is greater in Italy, especially in the production of wood, non-metallic minerals and chemicals, while for paper and above all metallurgy, which is the most affected Italian sector (+12 pp in the incidence of energy costs compared to the pre-crisis), the impact is estimated to be even greater in Germa nia “.
by Luca Pagni
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