Iberdrola, Endesa, Naturgy, Repsol and Moeve (formerly Cepsa) obtained a global net profit of 10,466 million euros in 2023. The Government then imposed an extraordinary tax on these companies, alleging that they were benefiting from the high prices derived from the energy crisis unleashed by Russia's invasion of Ukraine. In the first half of 2026, these five companies obtained a net profit of 9,863 million euros. Almost the same as three years ago but in half the time.
And experts and analysts predict that the second half of the year could be even better in view of the record prices of electricity, gas and fuel that have been recorded during the summer. Furthermore, the situation is not expected to improve in the remainder of the year. The uncertainty about the war that the United States and Israel unleashed at the end of February is still very much alive.
The companies themselves are confirming their objectives for the end of the year, they even foresee improvements for after the summer. This suggests that the large energy companies of the Ibex-35 will end 2026 with a historical record of profits of around 20 billion euros. More than double that of three years ago and more than 50% more than just a year ago, when the situation in the Middle East was stable.
With this situation, voices are growing calling for a tax on these profits, which they consider to be largely due to the war in the Middle East, without forgetting that the destruction of energy infrastructure in Russia is also contributing to price tension.
Voices grow in favor of more taxes
This same Monday, the vice president of the European Commission, Teresa Ribera, directly aimed to tax fuel taxes to cover part of the investment needs in Europe to weather the climate emergency. “We must open a debate on the disproportion between the very large private benefits declared by oil companies compared to the disproportionate burden generated by climate change,” said Ribera, who was vice president of the Government in Spain when the energy tax was activated in 2023. “The policies to reduce the use of fossil fuels to zero and the literature around global (and why not European) taxation on oil deserve a high-level political debate,” she assured EL COUNTRY.
The President of the Government, Pedro Sánchez, expressed along the same lines in an interview on Cadena Ser also this Monday. The leader of the Executive described it as irresponsible to continue consuming fossil fuels in the face of the climate emergency. Likewise, he criticized those who deny the effects of climate change and warned that maintaining energy dependence weakens countries.
But the one who has put the focus most clearly on the benefits of these companies has been the Minister of Economy, Carlos Body. At the end of August, Spain, Germany, Italy, Austria and Poland insisted on the need to establish an extraordinary tax on oil company profits generated by the conflict in the Middle East. To do this, they drafted a joint text sent to the European Union. Already in April, after the outbreak of war, Corps and its counterparts from Germany, Italy, Austria and Portugal formally requested the European Commission to create a new coordinated tax against the extraordinary profits of energy companies.
“Oil companies are enjoying high general profitability and margins on refined products that, although they may be influenced by the shortage of certain products, exceed the increase in crude oil prices,” noted the European ministers who signed the recent letter sent to Brussels.
“We need a common approach, which guarantees that those who are benefiting from the crisis also contribute to alleviating the burden borne by the general population,” the text emphasized. The objective sought is to prevent the cost of the energy crisis from falling exclusively on consumers and the public treasury.
And the voices continue to grow from different areas calling for this tax. This same Monday, Sumar and Podemos agreed to demand that fuel price controls be introduced (in the case of Podemos, also food prices) and a tax on the profits of energy companies, which in their opinion are taking advantage of inflation and in particular the rise in the price of oil.
After the United States war against Iran began, the Government approved a Royal Decree-Law in response to the economic crisis generated by this conflict and extended it in June. The key measures were energy consumption bonuses. The fuel tax reduction is still maintained in September, although they have been moderating in recent months. This, however, has not allowed prices to be completely contained. Inflation has climbed to inter-year highs in August, after rising to 4.3%.
In addition, the Government's measures come to an end this month. If you want to extend discounts or apply other types of measures, such as an additional tax on energy, you will have to obtain the approval of the Congress of Deputies. A step that does not seem easy either.
The introduction of taxes on large companies has proven to be a very difficult issue for the Government for several years now. The Executive has seen how some of its investiture partners, such as PNV or Junts, have refused to establish additional taxes on large energy companies; Not in vain, Iberdrola or Repsol have a very high weight in the economy of the Basque Country, where the nationalists govern. In fact, the Executive wanted to extend this tax in 2025 and was met with Parliament's refusal. “You will be happy with the vote,” Pedro Sánchez told Josu Jon Imaz, CEO of Repsol, in a meeting he held with large Ibex companies at the Davos forum in January 2025.
The companies do not deny the benefits they are obtaining now and sources from one of the large companies affected assume that the Government will try to push through new taxes, but they also put on the table the investments of many years and the losses of other years. We will have to see how far the Executive can go in a year before elections that will be inflationary and marked by what Donald Trump does, and when the population is increasingly sensitive to the increase in bills for essential goods.
