Spain’s Windfall Tax Won’t Be Passed on to Consumer, Ribera Says

Spain’s planned tax on utilities’ windfall profits will be designed so that it will be paid by power companies and not passed on to customers, according to Deputy Prime Minister Teresa Ribera.

“The most significant element we’re taking into account is that the levy will charge the extraordinary profits and won’t be something that can be transferred to consumers,” Ribera, who oversees the country’s energy policy, said in an interview with local television channel Telecinco on Tuesday. “It’s about sharing the consequences of this crisis fairly.”

Ribera reaffirmed Spain aims to set up the new levy so it can ...