On September 2nd, the Pun Index Gme, the wholesale price of electricity in Italy, reached 212 euros per MWh. It surpassed the peak of August 5th (207 euros), a level not seen since December 2022. The growth started before summer: the average monthly price was 119 euros per MWh in May, 132 in June, 157 in July, 180 in August. “The Pun, the single national price paid only by energy-intensive users and utilities, is high due to the Italian energy mix being skewed towards gas, which in turn is penalized by the Hormuz crisis,” explains the producers’ association Elettricità Futura. “However, we remind that energy-intensive companies are rightly subsidized to avoid relocations. In 2025, for example, on an average Pun of 116 euros per MWh, through CO2 refunds, Energy release, Interconnector, and interruptibility, these companies received about 80 euros per MWh, ending up actually paying about 35 euros, in line with Spain (34 euros) and Germany (35 euros). In 2026, even with the Pun rising, incentives that help the system of energy-intensive companies to be competitive with the rest of Europe are also increasing.”
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Elettricità Futura also highlights how, besides being skewed towards gas, our country consumes more energy than it produces: “We import about 16% of the electricity we need, particularly from France. Climate change is a European problem. The extreme heat this summer, which caused an increase in demand but also difficulties for the operation of some nuclear plants, led our neighboring countries (France, Switzerland, Germany) to reduce the availability of energy for export.”
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From here, the association’s proposal: “It is necessary to work to increase generation, also in view of a constant increase in the electrification of consumption. The first step is purely political-administrative. Approval is needed for authorizations that have so far kept over 150 GW of renewable projects ready to be implemented blocked. Regarding what might happen in the future, it would not be serious for the association to make estimates or forecasts, which are too often spread without scientific evidence, but it is clear that we are in an exceptional situation, caught between the climate crisis and geopolitical escalations. What can be done is to accelerate towards a generation mix richer in renewables, with increasingly efficient grids (already today an Italian excellence) and achieve a significant increase in generation to enhance the security and independence of the system.”
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