Finance ministers from Spain, Germany, Italy, Austria, and Portugal formally requested a bloc-wide windfall tax on energy companies. The coalition submitted the proposal to the European Commission in response to surging energy prices driven by the war in Iran.
The ministers argue that market volatility has created extraordinary profits for energy firms. They contend the financial burden of the crisis should not rest solely on consumers and public finances.
A joint letter details the plan to ensure companies benefiting from war-related price spikes contribute to economic relief. The proposal cites the 2022 solidarity contribution following Russia’s invasion of Ukraine as a precedent for the measure.
The move signals intensifying political pressure within Europe to cap energy profits during periods of extended geopolitical instability.