San Marino. Energy supply: discussed in the Commission
The Budget and Finance Council Commission returns to meet in the afternoon to address the Hearing of the leaders of the Autonomous State Company for Public Services; in particular, Francesco Raffaeli, chairman of the Aass Board of Directors, was present in the Aula. representing the entire Board of Directors, Raoul Chiaruzzi, general manager of Aass and Eng. Massimo Poiesi, “Key to Energy” technical consultant.
The issues addressed are very technical and concern in particular the energy supply of the Republic of San Marino and the related costs which, due to the strong fluctuations in the market, have led to an increase in bills. The discussion and the questions of the commissioners are also concentrated on the Swap, the hedging contract that was able to calm the effects of the extreme volatility of the energy market. With the contract, “we transformed the purchase price from variable to fixed, to 43.75 – the effect of the operation has brought back the balance between purchase and sale prices. It allowed us to ‘earn’ an important amount with which we supported the lack of tariff adjustment ”.
With respect to the “necessary” update of the energy tariffs, the Secretary of State with responsibility for Relations with Aass explains that, in response to the requests and solicitations received by the Company and the government several months earlier, “the first update by the Authority is obtained in late December 2021 “, a measure defined as” completely insufficient with respect to market movements “. Hence the need to “tweak the tariffs launched with that update twice during construction in the following months, as it was deemed the same”, he continues. The Secretary of State is critic in the face of the resistance shown by the Authority to requests for tariff updates: “We are facing a real energy crisis and emergency. Is it – question – to adopt a provisional, after 12-13 years of non-updating? “. Finally, “We are trying, through the tariff increases – to conclude – to keep all the part supplied by public services in a sustainable way and they must be adopted”.