Italy's priorities on energy, competitiveness taken on board at EU summit -sources

(ANSA) - ROME, 16 OTT - The conclusions of the European Council summit incorporated several priorities presented by Italy, particularly regarding the need to reduce energy costs, protect European industry, and address—within the framework of the ongoing revision of the ETS system—the volatility of CO₂ prices and their impact on electricity costs, premier's office sources said on Friday. The sources said the compromise reached overnight on energy and competitiveness was in line with the the Italian-Czech discussion paper drafted ahead of the summit. The informal document proposed temporary measures to reduce the impact of the EU's Emissions Trading System (ETS) carbon market on energy prices. The proposals included greater flexibility in the allocation of allowances, and a postponement of the entry into force of ETS 2 for transportation and buildings. In the summit conclusions, the European Council called on the European Commission to update its assessment of "all the impacts of ETS 2". It also reiterated the need to "urgently ensure a well-functioning, transparent, and predictable carbon market, to reduce carbon price volatility, and to mitigate its impact on electricity prices, while preserving the essential role of the ETS". (ANSA).
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