High energy costs are, once again, a factor of vulnerability for the Italian economy. According to a study analysis by the association Confcommercio and CER - Comunità Energetica Rinnovabile, the PUN- National Single Price (wholesale reference price of electricity traded on the Italian energy market) registered in September 2026 a of 73.3% compared to the 2025 average and 271.1% compared to pre-pandemic levels. The difference with other large countries in the Eurozone remains significant: Italy pays €65.3/MWh more for electricity than Germany, €67.2 more than Spain and €69.4 more than France.
The retail, tourism and restaurant sectors are particularly exposed. In the second half of 2026, higher electricity consumption – driven in part by the use of air conditioning in the summer – combined with high prices could generate more than €1 billion in additional energy costs: €494 million for retail, €207 million for restaurants, €164 million for hotels, €111 million for bars and €50 million for large-scale distribution.
Dependence on gas:
A strong dependence on gas is at the root of this disadvantage: in 2025, 43.7% of Italy's electricity was generated by gas plants, compared to 18.2% in Spain, 17.6% in Germany and 3.2% in France.
Although renewables have achieved a 50% share of production, Italy, Spain and Germany have different shares. In addition, the marginal mechanism of price formation means that the cost of gas continues to have a significant impact on the final price of electricity.
