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Italy expects to raise almost $4 billion from renewable clawback scheme

·1-min read
FILE PHOTO: Sicily bans solar park as archaeologists fight environmentalists

ROME (Reuters) - Italy expects to raise almost 4 billion euros ($3.9 billion) from a scheme to claw back profits from solar and clean power producers to curb soaring energy prices, a government document seen by Reuters showed on Friday.

Italian Prime Minister Mario Draghi has earmarked some 66 billion euros ($64.3 billion) since January to try to soften the impact of surging electricity and gas bills on firms and families.

Approved by the government early this year, the clawback scheme applies to solar energy producers with a capacity exceeding 20 kilowatts, receiving incentives under an existing, generous fixed-tariff subsidy.

It also impacts some unsubsidised renewable energy plants, like hydroelectric plants, which have been operational since before January 2010.

Rome estimates total revenue from the clawback of 3.739 billion euros, the document said.

A separate 25% windfall tax on energy groups that have benefited from surging oil and gas prices should have secured between 10 and 11 billion euros, but thousands of companies refused to pay and some of them publicly complained about the levy, leaving the Treasury facing a potential multi-billion revenue shortfall.

($1 = 1.0299 euros)

(Reporting by Giuseppe Fonte; Editing by Mark Potter)