The price of European gas starts to rise again on the Amsterdam Stock Exchange: on Wednesday 31 January the Ttf futures contract closed with a rise of 2.2% at the end of the day at 30.2 euros per megawatt hour. Numbers still far from those of October when the price went from 38 euros per megawatt hour on Friday 6 October to 53 euros the following week and then began the descent that lasted until Tuesday. However, numbers significantly below the three-digit peaks of 2022 when entire sectors risked frustrating all post-pandemic recovery efforts.
The crisis in the Red Sea
A stock exchange, that of gas, extremely sensitive to meteorological variables (with a cold wave costs skyrocket) but above all to geopolitical crises. And the one underway in the Red Sea, aggravated by attacks by Houthi rebels and by the decisions of shipping companies to avoid the Suez Canal, is generating significant turbulence. The passage of liquefied natural gas from Qatar through Suez has collapsed. In January, ISPI estimated that Italy saw a reduction in deliveries of Qatari gas by 70% compared to the average for 2023. «Qatar accounts for approximately 10% of the gas consumed in Italy – highlights the report of the Institute for studies of international politics – but at the moment our country does not run any short-term risks, thanks to very high stocks for this period”.
And while on the one hand there is no excessive concern about the risk of remaining with empty taps as happened in 2020 coinciding with the outbreak of war in Ukraine, it is equally clear that the term “gas” is at the top of the agenda of all entrepreneurs in the most energy-intensive sectors of the Orobic economy, from metallurgy to textiles, from paper to rubber and plastic.
«Crucial issue for businesses»
«The price of gas, as well as the price of energy in general, remains a crucial issue for businesses – confirms the director of Confindustria Bergamo, Paolo Piantoni – If it is true that, compared to the situation a year ago, the general conditions are significantly better and the supply chain has managed to react to the collapse of the Russian network by activating new sources of supply, the numerous international crises underway contribute to defining scenarios that are always complex and subject to sudden changes”. «In an always tense situation – he adds – they also find space speculative phenomena that end up fueling negative spirals. Hence the importance of a national energy policy attentive to the diversification of sources and the needs of the manufacturing world which risks suffering serious new consequences.”
Olivo Foglieni, CEO of Fecs of Ciserano, agrees. His company, which processes aluminium, consumes 15 to 20 thousand cubic meters of gas per year. «There is a lot of speculation, with stocks over 70% and demand decreasing because the economy is slowing down, the increase in gas prices mainly has exogenous causes» he explains. “The only way to get out of this spiral is to push for the energy transition to make us as autonomous as possible.” Precisely with this objective, Foglieni is ready to seize the opportunities provided by the new 13 billion Plan 5.0 which rewards digitalisation and the containment of consumption. «We currently self-produce 30% of the energy consumed, the objective is to bring the share to 60%, a safety threshold that guarantees the competitiveness of the company». Translated into a nutshell, we are talking about an investment of 5-6 million. «The Plan also represents a great opportunity for small businesses for which the benefits can reach up to 40%».
«For four years now, even we small entrepreneurs have been forced to pay the utmost attention to everything that happens in the world because we suffer the consequences immediately» he says Giorgio Besenzoni who leads the nautical accessories company of the same name from Sarnico, 25 million turnover, 80 employees. «We have an oven that consumes 1 million kWh a year, it is clear that the gas bill is important. An excessive increase in production costs then impacts the competitiveness of our business which, despite still good forecasts; it has to deal with the slowdown of many markets, the German one first and foremost, as I was able to see at the recent Düsseldorf boat show where a drop in visitors was recorded”.
2024-02-01 06:00:00
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