Italian Edison announces cessation of gas purchases from Russia

The Italian energy company Edison stopped deliveries of Russian gas from December 31 last year, company's CEO Nicola Monti said in an interview with La Stampa newspaper.

"Edison closed the contract with Russia on December 31. Our package is diversified and independent, which allows us to meet 20% of national demand, but all operators are now busy looking for replacements for Russian sources," he said.

According to Monti, it will take operators 2-3 years to completely replace Russian supplies. He also noted that Italy does not have sufficient capacity for regasification of liquefied natural gas (LNG), which can be imported from the United States.

Italy annually bought up to 29 billion cubic meters of gas from Russia. This volume provided 40% of the country's total fuel demand. The country intends to completely replace Russian gas by 2024.