EU Energy Ministers Contemplate Tax on Windfall Profits

European Union energy ministers are considering a tax on windfall profits generated by energy companies following price hikes linked to the Iran war. Greek and Spanish energy ministers announced that several EU countries are supportive. Discussions will continue at a meeting in Nicosia.

European Union energy ministers are weighing the introduction of a tax on windfall profits made by energy companies amid widespread price hikes that followed the Iran war, as confirmed by Greek Energy Minister Nikos Taragas on Wednesday.

In a statement supporting the proposed tax, Spanish Energy Minister Sara Aagesen revealed that five EU countries, including Spain, back the initiative.

The conversation is set to advance as EU energy leaders convene on Thursday in Nicosia to further deliberate the proposal.