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Italy to Reduce Renewable Energy Subsidies, Passera Says

Italy will reduce subsidies for the renewable-energy industry to match levels in the rest of Europe, Economic Development Minister Corrado Passera said.

The incentives have produced “excessive” investment in solar and wind power, distorting prices, Passera told reporters today in Cernobbio, Italy.

The government plans to exceed European targets on renewable usage without over-relying on taxpayers, Passera said.

To contact the reporters on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net Sonia Sirletti in Milan at ssirletti@bloomberg.net;

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

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