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POWER: Spain Extends WindFall Tax Into 2025

POWER
CEEMEAEurozoneEnergy BulletsSpainBulletPower BulletsCommodities

 Spain has extended a temporary windfall tax on energy companies into 2025, with the law set to take effect on 1 January, albeit it still requires parliamentary approval within 30 days, the government said, cited by Reuters.

  • The move comes after a vote by lawmakers to eliminate the levy last week.
  • Prime Minister Pedro Sanchez stated that the extension fulfils commitments made to partners, requiring extra efforts from energy companies while also introducing tax incentives for decarbonisation investments.
  • However, Utilities warn that the 1.2% levy on companies with a turnover of at least €1bn may threaten €30bn in renewable energy investments.
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 Spain has extended a temporary windfall tax on energy companies into 2025, with the law set to take effect on 1 January, albeit it still requires parliamentary approval within 30 days, the government said, cited by Reuters.

  • The move comes after a vote by lawmakers to eliminate the levy last week.
  • Prime Minister Pedro Sanchez stated that the extension fulfils commitments made to partners, requiring extra efforts from energy companies while also introducing tax incentives for decarbonisation investments.
  • However, Utilities warn that the 1.2% levy on companies with a turnover of at least €1bn may threaten €30bn in renewable energy investments.