In San Marino, gas spending could rise by 12% in 2027 compared to 2026, while electricity costs are expected to remain largely stable, with an estimated increase of just 1%. These are the projections released by the Azienda Autonoma di Stato per i Servizi Pubblici (AASS), the state utility company, which presented an update on energy market trends, tariffs applied to households and businesses, and measures planned ahead of the winter season.
The estimates, based on market quotations available as of November 5, point to a slowdown in price increases compared to the fluctuations recorded in recent years. The company notes, however, that the forecasts may change depending on how international markets develop.
Europe’s energy market has gradually stabilized following the 2022 crisis, when average annual wholesale prices reached around €300 per MWh for electricity — with daily peaks above €700 — and €120 per MWh for gas, with spikes exceeding €300. In 2025, average values settled at around €120 and €40 per MWh respectively.
2026 began with falling prices, but these were followed by a new wave of increases starting at the end of February, linked to the conflict in the Middle East. According to AASS’s analysis, geopolitical tensions, uncertainty over liquefied natural gas supplies, and low storage levels across Europe all contributed to keeping prices elevated.
International analysts forecast a possible decline in prices over the medium term. For electricity, expected values in 2027 are in line with those projected for the end of 2026, while for gas an increase is anticipated, concentrated mainly in the early winter months — though still far from the levels reached during the 2022 energy crisis.
To strengthen supply security, San Marino diversified its energy sourcing over the summer. AASS, in coordination with the Secretariat of State for Labour, Economic Planning and Relations with AASS, stepped up direct operations on wholesale markets, consolidating relationships with suppliers such as Enel and Axpo and adding new partners, including SOCAR Trading Gas & Power, through a direct agreement.
On tariffs, the company has obtained authorization from the relevant authority to apply, starting October 1, 2026, a 5.56% reduction in the spread on electricity, benefiting both households and businesses.
The measure, made possible by cost savings achieved during the year, was introduced to offset the impact of tariff increases related to the gas distribution service.
According to comparative analyses updated as of November 5, AASS’s electricity tariffs remain lower than those in Italy. Even in the 2027 forecasts, the company indicates costs roughly 30% lower than the benchmark regulated by ARERA for vulnerable customers, and around 40% lower than offers from some major Italian operators, for equivalent household consumption.
Another development concerns the option to sign up for fixed tariffs for electricity and gas, aimed at protecting users from wholesale price swings and making energy spending more predictable.
“AASS has already launched the procedures needed to allow enrollment in fixed tariffs for electricity and gas. The relevant enrollment window will open shortly, by November, according to the methods and timing that will be promptly communicated by AASS through its official channels,” the statement reads.
New support measures are also planned for the most economically vulnerable families. These include an enhancement of social tariffs for electricity, gas and water services, along with the possibility of free home fiber-optic internet connection via the company’s own FTTH network.
The provisions planned for 2027 simplify eligibility requirements and the procedures for requesting benefits. For the first time, applications can also be submitted online, without necessarily having to use traditional methods.
At the same time, investment in renewable energy production continues. The main project concerns the Visano solar park, due for completion by December 2026. Once operational, the plant will be able to meet around 7% of the Republic of San Marino’s electricity needs, helping to reduce dependence on external supplies.
This project is complemented by solar installations at the public slaughterhouse and at the Acqua e Gas headquarters on Via Ovella.
Following the commissioning of the Visano park and the identification of further production facilities, AASS will also consider new tariff models, potentially inspired by Italy’s Energy Release scheme, adapted to the characteristics of San Marino’s system. The stated goal is to offer more stable and competitive supply conditions, particularly for businesses, as well as for households.
The company confirmed it will continue to monitor energy market trends and supply security, keeping open the possibility of proposing further measures to the relevant authorities should new issues arise.
“In this context of significant instability, the company will continue to closely monitor energy market trends and the evolution of supply conditions, reserving the right, if necessary, to propose further measures to the competent authorities to protect San Marino’s families and businesses, with the aim of mitigating potential issues and ensuring sustainable and competitive tariff conditions,” concluded AASS’s management.
