Italy has renewed its white certificate market to 2030
Italy is one of the few European countries to have built, like France, a genuine market in energy savings certificates. Its scheme is called the Certificati Bianchi, or energy efficiency certificates (TEE).
The Italian Ministry of Environment and Energy Security (MASE) updated its rules by a decree of 21 July 2025. Published in Gazzetta Ufficiale No. 211 of 11 September 2025, the text sets the national energy saving targets and obligations for 2025-2030. The decree of 21 July 2025 is distributed by the GSE, the public operator that runs the scheme.
According to the MASE page, an operational guide to the Certificati Bianchi was then approved by a directorial decree of 28 July 2026. The Italian framework is therefore complete for the current period: targets, access rules and user guidance.
At IHD, we follow the energy saving obligations of several countries. Italy is the closest point of comparison with the French CEE. Our overview of energy saving obligations in Europe places this scheme among the other European models.
How the Certificati Bianchi work
A Certificato Bianco is a document that attests a recognised energy saving. The decree of 21 July 2025 sets its commercial unit at one tonne of oil equivalent (toe): one certificate is worth one toe saved.
Three public bodies share the Italian scheme:
| Body | Role under the decree of 21 July 2025 |
|---|---|
| GSE (Gestore dei Servizi Energetici) | Assesses projects and certifies energy savings |
| GME (Gestore dei Mercati Energetici) | Issues the certificates and runs their market |
| ARERA (energy regulatory authority) | Sets the cost coverage for obligated parties and the penalties |
The GME issues certificates for a volume matching the savings verified and certified by the GSE. The certificates are then traded freely, either bilaterally between the parties or on the market run by the GME.
Who bears the obligation
The Italian decree places the obligation on distribution network operators. Obligated parties are electricity distributors and natural gas distributors with more than 50,000 final customers connected to their network. This threshold is assessed on 31 December of the second year before the obligation year.
Each obligated party submits its certificates before 31 May of the year following the obligation year. The decree allows it to cover only 60% of its obligation within the year, provided it makes up the balance over the following two years.
Obligations rising sharply to 2030
The decree of 21 July 2025 sets annual obligations that increase over time, expressed in millions of certificates:
| Year | Electricity distributors | Natural gas distributors |
|---|---|---|
| 2025 | 0.8556 | 0.5244 |
| 2026 | 1.0416 | 0.6384 |
| 2027 | 1.2276 | 0.7524 |
| 2028 | 1.4136 | 0.8664 |
| 2029 | 1.5996 | 0.9804 |
| 2030 | 1.7918 | 1.0982 |
The obligation of electricity distributors more than doubles between 2025 and 2030, from 0.8556 to 1.7918 million certificates. The decree provides that a new ministerial decree will set the targets for the following years before 31 December 2030.
Who can submit a project
Certificates arise from projects submitted to the GSE. The decree of 21 July 2025 opens this possibility to distributors, whether obligated or not, and to qualified public or private entities. Throughout the useful life of the project, these entities must hold an energy service company certification, have appointed a certified energy management expert, or operate a certified energy management system.
The decree distinguishes projects assessed on actual measured savings from standardised projects. The GSE communicates the result of the technical assessment within ninety days of receiving the application.
Prices, volumes and results in the Italian market
The Italian certificate market is liquid and its prices are public. According to the 2025 annual report of the GME, published on 30 January 2026, the average price on the organised market was €247.80 per toe in 2025, down 0.3% year on year.
The same report puts certificates traded on the organised market in 2025 at 1.78 million toe, and bilateral trades at 1.13 million toe. The average price of bilateral trades was €222.29 per toe.
At the session of 6 October 2026, the GME recorded a weighted average price of €252.91 per toe, for 76 315 certificates traded.
A tariff contribution that covers the cost for obligated parties
Distributors do not fund the obligation from their own margins. The decree provides for their costs to be covered through electricity and gas transmission and distribution tariffs. ARERA sets the arrangements, with a maximum recognised value.
According to ARERA resolution 245/2026 of 9 July 2026, the contribution equals €250 per certificate, minus 90% of the gap between €250 and the average trading price. It is capped at €250 per certificate. For the 2025 obligation year, ARERA set it at €248.42 per certificate.
A safety net: the "virtual" certificates
The decree of 21 July 2025 provides a safety-valve mechanism. From 15 May each year, the GSE may issue, at the request of obligated parties, certificates that stem from no project, at a unit value of €10.
These virtual certificates are available only to an obligated party that already holds a minimum share of its obligation: 40% for 2025, 50% for 2026, then 10 points more each year up to 80% for 2029.
Results published by the GSE
The GSE published its 2025 annual report on 9 February 2026. The year's favourable assessments led to the recognition of 787 629 certificates, or about 0.45 million toe of savings. The GSE assessed 341 projects, 94% of them with a positive outcome.
Certificati Bianchi, CEE and CAE compared
France, Spain and Italy have all three chosen a mechanism of tradable certificates. Their architectures nonetheless diverge on points that matter to a project owner.
| Criterion | Italy — Certificati Bianchi | France — CEE | Spain — CAE |
|---|---|---|---|
| Reference text | MASE decree of 21 July 2025 | POPE Act of 13 July 2005, Energy Code | Real Decreto 36/2023 of 24 January 2023 |
| Unit | 1 certificate = 1 toe saved | 1 CEE = 1 kWh cumac of final energy | 1 CAE = 1 kWh of annual final energy saving |
| Obligated parties | Electricity and gas distributors with over 50,000 customers | Energy suppliers, including fuel suppliers | Gas and electricity retailers, wholesale oil and LPG operators |
| Intermediary | Certified entities that submit projects | Delegated party, treated as an obligated party | Accredited sujeto delegado, which never assumes the obligation |
| Price | Published per session on the GME market | Average price published on the Emmy registry | Negotiated, against a financial equivalence of €2.31 million per ktoe in 2026 |
According to the page of the French Ministry of Ecological Transition, the CEE were created by the POPE Act of 13 July 2005. They place an obligation on energy suppliers and are counted in kWh cumac, meaning cumulated and discounted over the lifetime of the action.
In Spain, Real Decreto 36/2023 defines the CAE as an electronic document attesting an annual final energy saving of one kWh. Under Orden TED/133/2026, using CAE is voluntary for the sujeto obligado, who must pay at least 8% of its 2026 obligation into the national energy efficiency fund.
Three differences stand out from this comparison.
- The obligated party is not the same. In Italy, the obligation falls on network distributors; in France and Spain, on suppliers and retailers.
- Cost is regulated differently. Italy reimburses obligated parties through a tariff contribution capped at €250 per certificate; France and Spain leave the price to the market and to contracts.
- Market access depends on a qualification. In Italy, only a certified sponsor can submit a project; in France, a delegated party acts as an obligated party; in Spain, the sujeto delegado must be accredited.
Our detailed guides on energy savings certificates and on the Spanish CAE explore the other two schemes in depth.
What this means for you
For an industrial company in Italy
An Italian industrial site investing in energy efficiency can have its savings turned into certificates, provided it works through a project sponsor qualified under the decree. The public GME market price gives a transparent reference for negotiating this valuation.
For a multi-site group in Europe
The same investment is not valued in the same way in France, Spain and Italy. The unit of account, the obligated party and the validation route change from one country to the next. A multi-country investment plan benefits from building in these three logics from the study phase.
For an energy services company
The Italian market remains open to qualified players, and its obligations more than double between 2025 and 2030. The certification required to submit projects is the real entry condition. It is prepared in advance, before any first file.
What we recommend
The Certificati Bianchi offer a stable framework to 2030, a public price and rising obligations. These are three advantages for an investor, provided the eligibility requirements and the GSE calendar are respected.
IHD supports project owners and industrial companies in the comparative reading of European energy saving schemes, from project qualification through to valuation. Our approach is independent and grounded in each country's official texts. Discover our offer for international markets, or contact us to study a project in Italy, France or Spain.
