According to press reports, the Congress will overturn this Wednesday the energy tax by the vote against it by the PNV, who would not have negotiated with the Treasury. Likewise, Junts would also be against the measure and Podemos considers that the PSOE would have failed to fulfil its commitments. Thus, the royal decree-law approved at the end of December that extended the tax burden to the sector which included a deduction for companies that made investments in energy transition will be overturned; thus, as it is currently a non-taxable public benefit, and not a tax, it could not be agreed with the local treasuries.
Assessment: This news is in line with expectations, given that it was expected that the extension of the energy tax would be difficult to pass in Congress. We recall that in 2024, charged to 2023, the estimated impact of the tax currently in force would be: Iberdrola €160 million (0.21% capitalisation; versus €216 million previous in 2023, 3% estimated NOPAT’24), Naturgy €100 million (0.4% capitalisation; versus €165 million previous, 5% estimated NOPAT’24), Endesa €202 million (1% capitalisation; versus €208 million previous, 11% estimated NOPAT’24) and Repsol €350 million (2.5% capitalisation; versus €445 million).
