November 17, 2023 13:45 GMT
Cepsa Adds to Concerns Over Extended Spanish Windfall Tax on Energy
Spain’s Cepsa hit back at windfall taxes again this week which it said had negatively impacted its profitability.
- The company’s results this year “continue to reflect the impact of Spain’s poorly designed windfall tax regime as well as the volatile energy markets seen across Europe,” Cepsa said in a statement.
- “We hope to work with the new Spanish government to ensure that Spain’s fiscal and regulatory frameworks support industry and create a competitive environment for the energy transition,” Cepsa’s Chief Executive Officer Maarten Wetselaar said.
- Repsol said late in October that Spain’s windfall tax was hampering its operations and investments in the energy sector.
- "The possibility of maintaining a tax on energy companies, which was designed to be temporary and extraordinary, punishes companies such as Repsol that invest in industrial assets, generate employment and guarantee the country's energy independence," Repsol said.