The energy crisis is weighing on prices again, pushing Italian inflation to 4.2% in September from 3.3% in August, according to preliminary Istat estimates. Yields on Italian BTPs are also rising, with possible further ECB rate increases. Higher utility bills are fueling a race to offer discounts, with Enel and A2A leading electricity offers. Meanwhile, Enel shares are slipping on the stock market, as the group brings renewable energy into utility bills through a blockchain token.

Energy Crisis, Italian Inflation and Enel: Utility Bill Discounts and a Blockchain Token

The Istat data confirm that the energy crisis remains the driving force behind Italian inflation. Prices of regulated energy goods, namely electricity and gas tariffs for protected-market customers, rose 25.9% year on year after increasing 18.6% in August. Unregulated prices, which include fuels and free-market offers, accelerated from 17% to 22.2% amid tensions in the oil market.

In the Istat chart, goods prices accelerated to 5.4%, clearly outpacing services. The same pattern is emerging in Europe, as described in the overview of US and European inflation, with German inflation at 3.3% and French inflation at 3%.

Government Bond Yields Rise

With inflation once again at 3% or higher in the main euro-area countries, government bond yields continue to rise. Markets are therefore beginning to price in a possible further increase in ECB rates, which would make money even more expensive. The next test comes tomorrow with Eurostat’s first estimate of euro-area inflation, following higher-than-expected figures from Germany and France. Pressure on European public debt also tends to weigh on Bitcoin (BTC) $84,954 ▲ +1.13% and cryptocurrencies, which are sensitive to the cost of money.

Enel ebitts: The Blockchain Token Bringing Renewable Energy into Utility Bills

Alongside its discounts, Enel has brought utility bills onto the blockchain through ebitts, launched in July with fintech company Conio. Customers purchase tokens linked to the production capacity of a photovoltaic park in the Viterbo area and a wind farm in Basilicata. The energy produced by their share becomes a discount on their utility bill, while any excess is credited to the customer. This is an utility token, meaning a token that grants access to a service, designed for people living in cities without space for solar panels.

With winter utility bills approaching, utilities are responding with aggressive offers. Enel has launched a 50% discount on the price of electricity, while A2A is offering ten-year plans with the same discount; Eni is focusing on discounts for electricity and gas. The offers aim to retain customers while high energy prices weigh on households.

Enel Shares Have Been Falling for Three Months

We can observe the performance of ENEL shares on the weekly chart, with an overview from the beginning of 2025 and from the lows recorded in April 2025 at €8.63. The chart shows a surge that broke the long-term consolidation phase. An initial acceleration stalled in summer 2025 around €8.15, followed by a breakout in October a year ago. This upward leg took Enel to its all-time high of €10.31 in February 2026.

A period of contraction followed, along with a new rebound that came close to the all-time high again in July. Enel’s decline began from that peak, and at the end of August the share price also broke below the 50-day SMA. At present, the price reached the first medium-term vector support level this week, at €8.87, and is breaking below it. The risk now is a decline toward the €8.42 area.