Eni CEO says Shale Gas or Nuclear, No Other Alternatives for Europe

Eni’s Chief Executive Paolo Scaroni pushes for lower energy prices in Europe, claiming that the present differentials with North America are extremely detrimental for the competitiveness of the Old Continent.

“We can either create the conditions for shale gas, or we have to think about other options like nuclear energy. I don’t see many alternatives to create jobs and growth,” said Scaroni to the Italian newspaper Panorama.

“As a consequence of lower energy prices… America is now appealing for all the energy-intensive industries,” explained Scaroni.

In the US, gas prices are one third of the ones in Europe, while electricity costs roughly 50% less. 

"Many companies move their investments to the US, causing enormous deindustrialization," warned Scaroni from Washington, where he met with leading figures in the Obama administration.

Headquartered in Italy, Eni is a major integrated energy company and the 17th largest corporation in the world, according to the 2012 ranking by CNN Money.