Episode n.90 of 23/12/2025 – The Energy Call

In Episode 90 of The Energy Call, we discussed the recent publications by the Customs and Monopolies Agency regarding, on the one hand, the monthly reports on the quantities of natural gas and electricity invoiced by entities subject to the operating environment that will be available from 1 January 2026 and, on the other hand, the instructions for completing the annual declarations for natural gas and electricity for the 2025 tax year. We discussed the communication from the single purchaser regarding the new timetable for the publication of the SBG PRE session for November 2025, as was the case for the end of October. We then recalled ARERA's clarification regarding the application of VAT for the recovery of general system charges with CISEA and discussed the GME press release informing users about the publication of the Nemo Transparency Platform portal. Finally, we analysed the gas markets, which have found new momentum in recent trading sessions, supported by increasingly credible prospects of cold weather arriving between the last days of December and the first half of January. Operators are therefore expected to return to relying steadily on European storage facilities, which have fallen below the 67% fill threshold. Meanwhile, in Italy, the bad weather forecast during the Christmas holidays will lead to limited use of the Adriatic LNG and Ravenna terminals.

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