Spain’s govt steps in to halt record rise in power prices

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MADRID (AP) — Spain’s Socialist-led coalition government is slashing energy taxes and imposing a temporary windfall tax on the gains of energy companies in an attempt to drive down household electricity bills, which have surged to record highs and triggered an outcry. Environment Minister Teresa Ribera said Tuesday the government’s urgent measures are in response to an “unprecedented” situation which has emerged at a “sensitive” time – as the economy strives to recover from the effects of the COVID-19 pandemic and as winter approaches. Spain’s statistics agency says household electricity prices have climbed by 35% over the past year. Surging domestic energy prices are also an issue in other European countries.

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