The Government is preparing the redesign of the tax on energy companies after the large companies affected have informed the Executive, in public and private, that the tax makes no sense in a context of price normalization and that an incentive system should be activated to your investments. Yesterday, Sánchez assumed for the first time the sector's theses also verbalized by the PNV.
The large energy companies reflected in their strategic plans important industrial bets to promote the green transition. Repsol, the company most affected by the tax (paid 450 million), invested 4,362 million between January and September 2023, 82% more than a year before, in decarbonization projects. With five plants –Tarragona, Bilbao, Cartagena, A Coruña and Puertollano-, the energy company allocated 41% of that investment, 1.8 billion, to green hydrogen, circular economy or storage projects in Spain.
What Repsol is asking is to modify the tax and accompany it with aid for companies that, like it, reinvest part of their profits. Both its president, Antoni Brufau, and its CEO, Josu Jon Imaz, recently warned that if the future state fiscal framework does not help, these investments will look to other countries such as Portugal or France
Endesa positioned itself along a similar line. The electricity company directed by José Bogas highlighted that it has financial margin to increase its investment in Spain in the next three years, mainly in distribution networks. But, in parallel, he also warned that if there is no clear commitment, this investment will not be executed. In Italy, where its parent company, Enel, operates, the remuneration for investment in these networks is 8% (in Spain it is half). If the premium does not reach 5%, the bet is not profitable, according to industry sources.
Naturgy, for its part, set an investment of 13,200 until 2025, focused on promoting renewables (biomethane, wind, photovoltaic) and distribution networks.
Cepsa was also critical of the extraordinary tax, which caused losses of 116 million in 2023. The company led by Maarten Wetselaar demanded “a regulatory and fiscal framework that supports the industry” for its investments. On its horizon there are 8,000 million for green hydrogen, biofuels and charging points projects.
The sector demands that the Government assume that Spain is faced with “an opportunity to carry out green reindustrialization” and, for this, “a fiscal and support framework” is needed for these investments, explain business sources.
The positioning of the energy companies was shared yesterday for the first time by Sánchez, who, in an interview on Antena 3, reaffirmed the intention to "redesign" the tax in force after a time of benefits "for doing nothing" that is disappearing.
Sánchez also used the verb “incentivize” to refer to powerful business projects. “We are seeing that the electricity bill is reducing and that there are industrial projects that need the coverage of an energy policy that stimulates, incentivizes large investments in renewable energy,” he indicated, and highlighted that 20% of global green hydrogen projects , “which is the energy of the present and future,” are in Spain.
