“My heat, my thermostat, is actually paying for Putin’s missiles and bombs.” Russia's war in Ukraine has sent European energy prices ever higher, forcing Italian paper mills to idle and fishermen to stay in port.
European leaders meeting Friday in Versailles outside Paris. Draghi pushed to diversify gas sources, develop renewables and introduce a cap on natural gas prices. He said his foreign minister, who recently visited Algeria and Qatar, was working on new gas markets.
Likewise, Acciaierie Venete shut three of its steel mills for a few days last week as prices spiked to 10 times above normal. The makers of high-quality steel for automotive and agricultural machinery had enough stock to work on finished product, waiting for prices to dip so they could reopen. 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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