ROME (Reuters) -Italy's regulated household electricity prices will fall by 19.5% in the first quarter of 2023, Italy's energy authority ARERA said in a statement on Thursday.
The change, reflecting lower wholesale electricity prices, is set to benefit millions of Italians struggling with spiking energy costs in the wake of Russia's invasion of Ukraine.
ARERA said the annual electricity bill for a typical Italian household over the April 2022-March 2023 period would be 1,374 euros ($1,466), up 67% from the previous 12 months.
Energy markets are still very volatile and prices "remain extraordinarily high", ARERA President Stefano Besseghini said, adding that the situation remained challenging.
Around 41% of Italian households are covered by the regulated price regime for electricity, according to 2021 data from the energy authority.
AREA said regulated prices also benefit from a series of tax breaks and other measures introduced by the government to mitigate high energy costs.
($1 = 0.9371 euros)
(Reporting by Alvise Armellini, editing by Agnieszka Flak)