Spain to cut energy tax, cap gas prices to curb soaring electricity bills, PM says

Spain will impose caps on gas prices and cut its special electricity tax to 0.5% from 5.1% as part of a package of measures to bring down soaring energy prices, Prime Minister Pedro Sanchez said on Monday.

He said his government would act to ensure extraordinary profits booked by energy companies would be redirected towards consumers, during an interview with state broadcaster TVE.

The measures will reduce government revenues in 2021 by around 1.4 billion euros ($1.65 billion), he said.

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