Assofond President Fabio Zanardi: "The EU, and Italy in particular, is once again paying the price of its energy vulnerability"

"Once again, European companies are bearing the cost of an international crisis, as we saw with the war in Ukraine and the acts of piracy in the Gulf of Aden. This cost is felt through high energy prices, the risk of new bottlenecks in oil, fuel, and gas supplies, and speculation on raw materials crucial to our industry.
Before the conflict began, natural gas was trading around €31 per megawatt-hour. Today it is approaching €60. As we all know, this surge will inevitably impact electricity prices, since the marginal pricing system means that all energy – including renewables – is paid at the cost of the most expensive source. We have been highlighting the flaws of this system since the 2021 energy crisis, yet five years later, no reforms have been made.
Unfortunately, once again, the European Union – and Italy along with it – appears ill-equipped to manage these impacts or prevent future risks. What is missing is a clear 'Plan B', with alternative supply chains, energy policies that ensure reliable and affordable supply, and lasting agreements with other markets. These should be the real priorities in today’s complex geopolitical context, rather than relying on elaborate self-taxation mechanisms such as the CBAM.
If we are indeed entering a new world order, both European and national institutions must take responsibility for shaping it, also for the benefit of the economic actors who have long ensured prosperity and growth across our continent. Foreign policy and industrial policy must advance hand in hand."
With these words, Fabio Zanardi, President of Assofond, the Confindustria association representing Italian foundries, voices his concern over the Iranian crisis and its potential impact on the global energy market.