The Government backs down in its fight with the electric Ibex and is already preparing a review of the ‘tax’


Updated

Pedro Sánchez and Teresa Ribera choose to shield the investment interest of large energy companies in the country for fear of a flight of capital abroad

The CEO of Iberdrola, Ignacio lt;HIT gt;Gal
The CEO of Iberdrola, Ignacio lt;HIT gt;Galón lt;/HIT gt;, greets Pedro Sánchez in the presentation of the draft Law on Climate Change and Energy Transition, the Integrated National Energy and Climate Plan and the Strategy of Just Transition. February 20, 2019, Ecologa Eduardo Parra / Europa Press (ARCHIVE Photo) 2/20/2019WORLD

The Government has definitively changed the pace in its crusade against large energy companies. After more than two years of struggle, both the President of the Executive, Pedro Sánchez, and the Minister for the Ecological Transition, Teresa Ribera, have backed down and are already preparing to review the controversial tax on energy income.

The situation has taken a turn in just two weeks. After the Government agreement between PSOE and Sumar included a sine die extension of the appraisal To the sector, originally temporary, giants such as Endesa or Repsol attacked the decision and threatened to transfer their investments to countries like France, in the case of electricity, and to paralyze projects, in the case of the oil company.

The fear of a chain reaction in the midst of the investment phase to support the renewable transition and comply with the green objectives committed to Brussels, has pushed the leader of the PSOE and the head of energy policy to reach out, once again, to the sector, and has proposed a total review of the tax.

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