Investing.com -- Italy is planning to accelerate its gas storage auctions for the upcoming winter season, in response to concerns that gas prices may continue to remain high. The decision comes as the country aims to increase its gas reserves before the official stockpiling season begins.
Italy, the host of the European Union’s second-largest storage sites after Germany, typically starts its stockpiling season in April, when heating needs decrease, and continues until the end of October. However, this year, the Energy Minister Gilberto Pichetto Fratin announced in a parliamentary hearing that they are considering initiating the gas storage auctions as early as February.
This move is part of Italy's efforts to mitigate the effects of the current market dynamics. "In order to mitigate the effects associated with these dynamics, we are evaluating with the offices of the Ministry of the Environment and Energy Security the possibility of bringing forward the timing of the assignment auctions for at least part of the storage capacity," Pichetto Fratin stated.
The decision to bring forward the gas storage auctions indicates the country's proactive approach to managing its energy resources amid ongoing market uncertainties.
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