Italian paper mills that make everything from pizza boxes to furniture packaging have ground to a halt as the Russian war in Ukraine sent natural gas prices skyrocketing.
Natural gas prices were on the rise last year as reserves dwindled in Europe, but Zago said his company was able to stabilize prices and continue operating. That changed with the Russian invasion, when already high prices soared from 90 euros a megawatt hour to over 300 euros a megawatt hour.To remain profitable, he said they would have had to nearly double prices from 680 euros a ton to 1,200 euros — not doable on the marketplace.
“Never, ever has this happened that we had to shut down ovens,’’ said Francesco Semino, an executive at the steel-making company based in the northeastern region of Veneto. Truckers who say they can't afford higher gasoline prices are set to strike this coming week. Fishermen took the hit last week, deciding not to trawl the waters off Italy, with fishing boats along the entire peninsula moored in port.
They have been substituted mostly by natural gas as renewables stalled, partly because of Italy’s infamous bureaucracy that has kept many investors away, said Matteo Di Castelnuovo, an energy economist at Milan’s Bocconi University. "Nuclear fusion will not save us from Russian gas,'' Di Castelnuovo said, referring to a technology that is still decades away.
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