EU, Italy and four other countries: ‘Tax energy companies’ windfall profits’

Brussels, 4 April (LaPresse) – Italy, together with Germany, Spain, Portugal and Austria, is calling on the EU to explore a temporary solidarity mechanism to ensure that energy companies contribute their windfall profits resulting from the war and ease the burden on consumers and taxpayers. “At the Eurogroup meeting on 27 March 2026, we supported and promoted measures to tax the windfall profits of energy companies. A similar instrument was already introduced in 2022,” write Finance Minister Giancarlo Giorgetti and his counterparts in a letter addressed to the EU Climate Commissioner, Wopke Hoekstra. ‘Given the current market distortions and fiscal constraints, the European Commission should rapidly develop a similar levy at EU level, based on a solid legal foundation (and without prejudice to any other efforts and measures taken by individual Member States to tackle high energy prices),’ they add. ‘The conflict in the Middle East has caused a rise in oil prices, placing a significant burden on the European economy and European citizens. It is important to ensure that this burden is shared fairly,’ they explain. “A European solution of this kind would send a signal to the citizens of our Member States and to the economy as a whole, demonstrating that we are united and capable of taking action. It would also send a clear message: those who profit from the consequences of the war must do their part to ease the burden on the public,‘ the letter states. ’Working together and finding a European solution is the right approach. It would make it possible to fund temporary aid, particularly for consumers, and to curb rising inflation, without placing a further strain on public finances,” the ministers emphasise.