Spain to extend emergency energy measures until end of September

Spain will add a three-month extension to the energy measures to tackle the consequences of the Ukraine war, Prime Minister Pedro Sanchez, said on Wednesday June 1

In a statement to Parliament today, Spanish Prime Minister, Pedro Sanchez, said that “the government would extend the suspension of a controversial 7% generation tax until the end of September, whilst also prolonging a temporary windfall tax aimed at curbing profits from utilities,” according to Montel.

Sanchez continued“In these circumstances, we need to address the security of supply but we shall not stop there. We have to take advantage of these debates to solve the problem of rising energy prices once and for all.”

He added that “Spain would also maintain other existing cuts on taxes and charges to electricity bills, including a VAT reduction to 10%”

Today, Pedro Sanchez again requested that the European authorities diversify from the Russian energy supply. He requested that they decouple wholesale power markets from the evolution of gas prices and curb speculation in the carbon market.

He added that Russia covers 4.6% of Spain’s oil needs and 8% of its gas consumption, so “the impact [of the war] will be limited,” though there could be “significant” energy price spikes.

He added: “Prices are very likely to stay high and volatile.”

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