Italy has been growing slowly in the shadow of its economic and political crisis’s and now with the new government in place, it has already started making huge decisions to make changes to its energy sector.
After the fall of the previous government, the new coalition came to power with the promise of improving not only the Italian economy but also its debt-ridden dying energy sector. Italy has been importing most of its energy needs which have caused it a lot of problems in recent years as the markets are volatile and the increasing prices of energy aren’t financially viable anymore. Gas remains a critical transition fuel in Italy’s move to greater renewables and the development and employment generation from the company’s two advanced projects enjoy good local support, the aforementioned projects are Teodorico Offshore Gas field development in northern Italy and Selva Malvezzi preliminary gas Production. These projects are also being monitored with their environmental impacts kept as low as possible. the interim financial report for the six months ending June 30, chairman and chief executive officer Michael Masterman said PVE’s priority was very focused on bringing the low-cost Selva and Teodorico fields into gas production. While the Italian regulatory environment remains challenging, the Italian Ministry has confirmed that recent government amendments to energy policy will not affect the approval processes for Selva and Teodorico, both of which continue to progress through the normal approval procedures.
Now with these projects given green signals in the majority of their operating capacities, Italy is soon going to make substantial progress in the energy sector. Renewable energy will also follow this trend as more and more projects are now being commissioned.