Italy to Strip Carbon Costs From Power Bills, Jolts Markets

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Electricity pylons in Turin, Italy.Italy is preparing a sweeping overhaul of its electricity market that would strip carbon costs from power bills, a move that has sent shock waves through energy markets and driven a sharp selloff in forward prices.Italy’s cabinet approved the so-called Energy Decree worth more than €3 billion ($3.5 billion) on Wednesday evening, Energy Minister Gilberto Pichetto Fratin said in a statement.

Prime Minister Giorgia Meloni called the measures “very significant” and said they kept a promise made to voters when her government took power.