Highlights

Article written by Tommaso Barbetti (Partner at Elemens) and originally published in Italian on Quotidiano Energia on 5 December 2025. We thank Quotidiano Energia for kindly authorising the publication of this English translation on our website.

A success story, for the industry and for the institutions. This, rightly, seems to be the “political takeaway” from the outcome of the FER-X auctions. Two auctions - the largest ever held in Europe - that awarded CfDs for more than 15 TWh at a price roughly half of today’s energy cost. According to reasonable GSE estimates, they could generate savings of over €400 million per year on consumers’ bills starting in 2027, thus confirming the virtues of the Italian design (FER-X + FER-Z + MACSE): a framework initially viewed with suspicion for its regulatory intrusiveness, and later turned into a reference in the European debate.