On Friday 30 September, the European Commission authorised a €2 billion Italian scheme for the reinsurance of natural gas and electricity trade credit risk in the context of Russia’s war against Ukraine.
The scheme will be administered by SACE, the Italian export credit agency. It aims to limit the risks that insurers currently face by offering credit insurance to clients. The support will also make it easier for these customers to obtain a deferral of payment of their energy bills for up to 24 months, based on an agreement with their energy supplier.
At the same time, companies will be able to continue to benefit from credit insurance, avoiding the need for them to have to pay their energy bills in advance or within a few weeks, thus reducing their immediate liquidity needs.
The Commission found that the scheme was in line with the rules of the Treaty; the credit insurers have committed to maintain the same level of protection as that offered on 22 March 2022 and to lower the premiums that customers have to pay for the transactions covered by the measure.
In the absence of this measure, the guarantee is limited to cover only credits originated until the end of this year. The scheme is open to all credit insurers in Italy. (Original version in French by Lionel Changeur)