Spanish power companies to denounce ‘discriminatory’ windfall tax

 

The multi-billion-euro windfall tax for energy firms to offset the toll of inflation on vulnerable consumers approved last year by Madrid will be denounced by the association of large Spanish power companies (Aelec) before the European Commission.

The extraordinary tax measure will be applied to energy firms in 2023-24 to bring in €7 billion, including €2 billion from large energy firms each year, provided some specific conditions are met.

To date, only two companies have revealed their estimates: Repsol estimates that it will have to pay some €450 million, and Naturgy calculates that it will have to disburse approximately €300 million.

Aelec is analysing all legal arguments available to present shortly a complaint before the European Commission and/or the Court of Justice of the EU; sources told financial daily Cinco Días. (...)