You are currently viewing The Treasury is considering extending the fiscal punishment against Iberdrola, Endesa and Naturgy also to Acciona, Repsol and Cepsa

This is explained by sources close to the negotiations, who indicate that the tax increase is still being considered and developed. It is unknown how it will be applied and the companies on which it will be done.

However, from the Treasury they clarify that the tax increase is going to be made, for sure, on the electric companies. But the Ministry analyzes also applying it to other companies in the “perimeter” of Iberdrola, Endesa and Naturgy, three of the main electricity production companies in our country.

[Isabel Rodríguez sobre el impuesto a las eléctricas: “La decisión está tomada y comunicada”]

Other energy companies would enter this bag, such as gas, oil and even renewables. Thus, companies such as Acciona, Repsol and Cepsa would be subject to the new taxation. Nevertheless, the measure is still being developed. The formulation of the future tax is still unclear.

Little has been leaked about its nature. It can be a new figure, or a rate. From the ministries they point out that the possibility that is handled would be a surcharge on the Corporation Tax.

It should be remembered that, today, companies generally pay a rate of 25% of Corporation Tax that is applied to a tax base that is calculated from the accounting base. Banks and hydrocarbon companies have to pay a higher percentage, 30%.

In any case, what companies effectively pay to the Tax Agency varies according to the deductions they can take advantage of. But this has changed after the last General State Budgets. With its entry into force, companies with a turnover of more than 20 million euros have to pay a minimum effective rate of 15%.

effective rate

In the case of large electricity companies, it is possible that what is applied is a higher effective rate, designed exclusively for these companies.

In any case, whatever is done, the measure would not be activated surely until 2023for issues related to legal deadlines and legislative procedures.

This tax on the profits of the income statement of the electricity companies and that could be extended to other energy companies, such as gas, oil and renewable companies you won’t be the only one that the large electricity companies and other renewable companies will have to assume.

Next week Congress will approve what is known as ‘CO2 dividends’, a royal decree-law (which already has the green light from the majority of the Congress in Commission) for the reduction of the ‘succeeding retribution’ of those technologies that are not CO2 emitters.

[El Congreso aprobará el Fondo de Sostenibilidad eléctrico y el impuesto al CO2 a nucleares, hidráulicas y algunas eólicas]

It will only affect plants put into operation before 2003 (nuclear, hydraulic and part of the wind, in total about 8.5 GW). It is calculated as 90% of the cost of monthly CO2 of the emitting plants above a threshold of 20.67 euros/ton of CO2 (average price in the 5 years prior to the drafting of the bill).

The impact of the measure is estimated at 1,500 million annually, which will be used to finance the cost of capacity payments and electricity system charges (90%) to vulnerable consumers (10%). At the same time, thanks to the rise in the price of CO2, in 2021 the State coffers have collected some 1,100 million (at 24 euros/tn) and in 2022 it could approach 5,000 million (85 euros/tn), according to sources from the electric sector.

For the electricity sector, the end result will be a higher cost of energy supply and higher price volatility which will be passed on to consumers. In addition, the ‘CO2 dividends’ will reduce the competitiveness of non-emitting plants, which could be replaced by plants with higher variable costs, increasing the average cost of the system.

The oil and gas companies will also have to assume a new cost that until now was only included in the electricity bill with the approval of the National Fund for the Sustainability of the Electric System (FNSSE).


The measure, which will be approved in the Congress of Deputies, has sufficient parliamentary support. It will serve to create a ‘green background’ which will finance the costs of renewables, cogeneration and waste (RECORE) with a change in structure.

Financing will be made through all energy vectors. In other words, it will be nourished by contributions from electricity, fuel, and gas retailers and direct consumers (mainly the industrial sector). Although by sales volume, the oil companies are the ones that are going to contribute the most to the fund.

Market valuation

“The details and terms of this increase in taxes on electricity companies are not yet known, but if approved it would be unfavorable newssince it reveals certain aspects of regulatory uncertainty or market intervention that weigh on the sector”, point out from Bankinter.

The stock market crashes Naturgy, Endesa, Acciona and Iberdrola are justified, but in the case of Redeia and Enagas“it would not make sense to apply a higher tax on these regulated activities”.

“In the absence of knowing many details, such as whether the tax figure will apply only to the extraordinary profits obtained (in line with other European countries) or to the total profits, their permanence or scope of application, the news is negative due to regulatory interference but not due to the quantitative impact“, coincide from Sabadell Bank.

And they make the following calculations if the increase of 10 points on the Corporate Tax that United We Can have requested is applied: “The total to be collected would be 1,456 million euros in Iberdrola (1.8% capitalization), 194 million in Activate Energy (1.7% capitalization), 1,087 million in Endesa (5% capitalization), 641 million in naturgy (2.4% capitalization) and 1,350 million in Repsol (6% capitalization), although this would be the worst scenario, since it would exceed what the press indicates that the Government wants to collect (between 1,500 and 2,000 million euros).


Contrary to what some of the formations of the coalition government maintain, the benefit of the electric companies is not always linked to their activity in Spain. For example, Iberdrola In 2021, it obtained a profit of 3,885 million euros, of which Spain only accounts for 337 million euros, which represents a drop of 9% compared to the previous year.

In the case of naturgy, the group does not break down its profits by geographic area. The profit in 2021 was 1,231 million euros. Of these, depending on their different businesses, it is attributable to Spain; which means that in our country it achieved a result of 492 million euros.

Endesa It operates mainly in Spain and Portugal. It achieved a profit of 1,435 million euros, which is 3% more. Cepsa, for its part, earned 310 million euros in 2021 compared to one million achieved in 2020 due to the closure of service stations and the stoppage of its refineries during the pandemic.

Another example is that of Repsolwhich during the pandemic lost 758 million euros in our country.

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J. A. Allen

Author, blogger, freelance writer. Hater of spiders. Drinker of wine. Mother of hellions.