Government announces plan to tackle electricity price increases

The Governemnt has outlined proposals to cut the cost of energy bills, as prices for electricity continue to rise to record levels.

In a statement issued by the Government yesterday, plans to channel €2.6bn in energy company profits to consumers in the form of tax cuts were outlined.

Last week prime minister Pedro Sanchez said that by the end of the year Spaniards would pay no more for electricity than they did in 2018.

Taxes on electricty will be cut from 5.1% to 0.5%, and price caps on natural gas will also be part of the plan.

Shares in the largest energy firm in Spain – Endessa – dropped by 5.1% on Tuesday.

Photo: Pool Moncloa / Borja Puig de la Bellacasa

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