Wednesday, October 20

Draghi Says Italy to Spend $3.5 Billion to Offset Energy Prices

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(Bloomberg) — Italian Prime Minister Mario Draghi said his government will respond rapidly to rising energy costs as it prepares to enact measures to help consumers offset the effects of higher utilities bills.

The country will spend more than 3 billion euros ($3.5 billion) to mitigate the effect of the energy price trend, Draghi said Thursday at an event hosted by the country’s employers lobby Confindustria.

The government plans to cut some taxes on gas and power in the fourth quarter, Draghi said, and it’s open to discussing joint planning for energy procurement at European level. Italy’s economy is set to grow by around 6% this year, the premier said.

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