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Spanish Gov’t Reportedly Considers Dropping Energy Windfall Levy

ENERGY SECTOR
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  • El Economista this morning reports that the Spanish gov’t is considering an end to the 1.2% levy on the energy sector instead of an initial plan to include tax deductions linked to investment via the General State Budget.
  • Iberdrola and Endesa argue the tax hinders necessary decarbonization investments; Repsol had threatened to withdraw Spanish investments if the tax persist while the article implies Taqa and Criteria would clarify the withdrawal of the tax as part of their bid for Naturgy.
  • Legal challenges from industry groups claim the tax is discriminatory and fiscally incoherent, with calls for stability in regulatory and fiscal policies.
  • Slightly credit positive for Spanish electric utilities and energy.
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  • El Economista this morning reports that the Spanish gov’t is considering an end to the 1.2% levy on the energy sector instead of an initial plan to include tax deductions linked to investment via the General State Budget.
  • Iberdrola and Endesa argue the tax hinders necessary decarbonization investments; Repsol had threatened to withdraw Spanish investments if the tax persist while the article implies Taqa and Criteria would clarify the withdrawal of the tax as part of their bid for Naturgy.
  • Legal challenges from industry groups claim the tax is discriminatory and fiscally incoherent, with calls for stability in regulatory and fiscal policies.
  • Slightly credit positive for Spanish electric utilities and energy.