A proposal to make a Spanish windfall tax on energy firms permanent, which had seen oil and gas majors threaten to halt green hydrogen developments, has been dropped.
Last December, the Spanish Government extended its windfall tax on banks and energy firms by a further 12 months, with intentions for the tax to become permanent, sparking anger from the companies involved.
The tax was introduced to soften the impact of inflation on Spanish citizens by funding subsidies for fuel and public transport.
Last month, both Repsol and Cepsa (now Moeve) said that they would halt planned green hydrogen projects in Spain if the tax was extended permanently. Instead, the tax will only continue on banks for another three years.
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