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ENERGY

How will Italy’s energy prices change in April?

April is the start of a new quarter and in Italy that means energy tariffs are revised. How much more - or less - can we expect to pay?

How will Italy's energy prices change in April?
Photo by Niklas HALLE'N / AFP

The price consumers in Italy pay for gas and electricity has risen for the past six consecutive quarters, leaving households and businesses facing record high energy bills.

With the price of gas soaring in March due to the impact of the war in Ukraine, the common assumption is that household energy prices are only going to rise further when the next quarter’s tariffs kick in on April 1st.

READ ALSO: Who can claim a discount on energy bills in Italy?

But it’s not certain yet by how much – or even if – our bills will be hiked up even further next month.

Italian energy regulator Arera is yet to publish its new rates for April to June.

While the energy body is analysing trends in both gas and electricity to adjust its prices for the second quarter of 2022, tariffs have been widely predicted to rise once again in April.

Increases of 25 percent for electricity and 2 percent for natural gas are likely, according to Nomisma Energia.

While gas prices are expected to remain almost “stationary”, the energy authority stressed that new tariffs for electricity are “uncertain” and “will depend on the price trend in the coming days”.

READ ALSO: Rising energy prices: How to save money on your bills in Italy

Nomisma predicts that gas prices will come in at around 80 euros per megawatt hour, which is “in line with that of the last adjustment”.

However, some reports suggest the opposite. Newspaper La Repubblica reported this week that the tariffs could, in fact, be revised slightly downwards.

This would be a welcome break from the upward trajectory – though would still be unlikely to compensate for January’s huge increase of 55 percent for electricity and 40 percent for gas.

In addition to billions of euros’ worth in previous funding from the Italian government aimed at keeping bills under control, Italy will offer new discounts on household energy bills under an updated scheme announced last week.

Under a new ‘Social bonus for electricity and gas’, support has been extended to more households from April 1st until December 31st 2022.

The measure forms part of a wider package worth €4.4 billion to curb the war’s economic impact on Italy, including a temporary reduction in fuel prices for motorists – which the government says will be funded by a one-off tax on energy companies’ “extra profits” this year.

READ ALSO: ‘The impact is zero’: Energy giants not worried by Italy’s tax on profits

Hundreds of thousands more families can now claim the discount on utility bills, as it will be available to those with an ISEE of up to €12,000 – an increase of the previous figure of around €8,000.

The size of the new discounts is yet to be confirmed, but between January and March this year the scheme saved eligible households anywhere between €165 and €800.

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MONEY

How much cash can you travel with to Italy?

Italy has a limit on the amount of cash that you can bring into the country without declaring it. So what exactly are the rules and what happens if you don't declare?

How much cash can you travel with to Italy?

Whatever reason you may have to bring large amounts of cash into the country – this could be anything from business to vacation to other personal matters – Italy has laws that keep you from doing so over a certain sum without first declaring it to border authorities. 

You can freely take cash (this goes for banknotes and coins of any currency) or other securities (e.g. cheques and traveller’s cheques, signed money orders, bullion) in or out of Italy only if they amount to a total of 9,999 euros or lower, according to Decree 195 2008, which sets out plans to prevent money laundering and tax evasion.

This means that any amount equal to or over 10,000 euros must be declared to the Italian customs authorities (Agenzia delle Dogane) by filling out and submitting a declaration form upon either entering or leaving the country. You can find an English version of the form at this link.

The requirement applies to people travelling to or from both EU and non-EU countries, and tightens existing EU-wide cash declaration rules, which only apply to movements to or from non-EU nations.  

The form requires travellers to specify their personal details, including address and ID number, details of their journey, the total amount of cash carried and its intended use or recipient, as well as the source of the money (property sale, business earnings, inheritance, etc.).

READ ALSO: Can businesses in Italy legally refuse card payments?

You can complete the form upon entering or leaving the country, or, in some cases, submit it electronically with Italy’s Agenzia delle Dogane before your journey. 

What happens if I don’t declare?

Failure to declare any amount over 10,000 euros comes with hefty penalties. 

Italian customs authorities have the power to seize the undeclared money and can hand out fines of up to 50 percent of the amount exceeding 10,000 (for instance, 50 percent of 4,000 in the case of a total of 14,000 euros), with 300 euros being the minimum possible fine.

Is there a limit to the amount of cash I can carry on me in Italy?

Unlike other EU countries – in Spain, people intending to carry 100,000 euros or over must notify the Treasury before doing so – Italy has no limit on the amount of cash you’re allowed to have on you. 

However, there’s a limit to the amount you can pay for something in cash. 

READ ALSO: What are the best banks for foreigners in Italy?

Transactions equal to or over 5,000 euros (the threshold was raised from 2,000 euros in 2023) must be made using a traceable means of payment, including credit or debit card payments, bank transfers and electronic money payments, according to Decree 231 2007.

People caught making or receiving payments over 5,000 euros in cash could face fines of a minimum of 5,000 euros.

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