Spain Needs to Rethink Windfall Tax, Energy Minister Ribera Says

Spain must reconsider a windfall tax on energy firms, Deputy Prime Minister Teresa Ribera said in an interview with state-news agency Efe.

“It’s important to determine whether the extraordinary profits” targeted by the tax “continue to exist or not,” Ribera, who is minister for energy, said in the interview published Tuesday. “We aren’t speaking about extraordinary profits anymore, we are talking about something else.”

Spain slapped a windfall tax on energy firms last year as inflation surged, driven by a record jump in power prices in the months after Russia’s invasion of Ukraine. A similar tax was placed on banks. ...