Banc Sabadell: According to the press, the vice-president and minister for energy transition, Teresa Ribera, has expressed her willingness to let the 1.2% tax on energy sales disappear after Brussels’ request that the interventionist measures adopted during the energy crisis be abandoned.
Initially, the government had considered using the general budget to include tax breaks linked to investment, but the decision to withdraw the draft public accounts left the extension deadlocked. In this sense, the decision to park this tax comes in the middle of the negotiation of TAQA and Criteria’s takeover bid for Naturgy (NTGY) with the Government.
Assessment: Positive news, although with limited impact, as it was expected that there would be some way to compensate for the tax this year, given the “threat” that the large energy companies would have made to the government not to invest in Spain. The last thing that had been considered was deductions for investment through some legal means other than the budget. We recall that in 2023 the sector paid close on €1,500 M: €450 M Repsol (c.6% EBIT’23), €230 M Endesa (c.6% EBITDA’23), €208 M Iberdrola (1.4% EBITDA’23) and €165 M Naturgy (3% EBITDA’23).
