Skip to content
Subscriber Only

Spain’s Sanchez Backtracks to End Impasse With Utilities

Pedro Sanchez
Pedro SanchezPhotographer: Angel Garcia/Bloomberg
Updated on

Spanish Prime Minister Pedro Sanchez sought to pull back from his standoff with the country’s major utilities, promising to exempt them from a new windfall tax if they sell power at “reasonable” prices.

“We will tell utilities that if they offer contracts that don’t incorporate the extra income stemming from soaring gas prices, we will not apply” the new rules, Sanchez said in a live interview with the La Sexta television channel. “We will ensure the supply of power at reasonable prices for” energy-intensive industrial users, he said.