Spain Complains To EU Over Soaring Cost Of Electricity; But Guess What... | WHAT REALLY HAPPENED X-Frame-Options: DENY X-Frame-Options: SAMEORIGIN

Spain Complains To EU Over Soaring Cost Of Electricity; But Guess What...

The government says that the latest hikes in electricity bills are driven by spiraling prices of so-called carbon certificates, which give companies the right to release carbon dioxide, gas imports that Spain needs to complete its energy mix, and the surging power demand of the summer months.

In the latest effort to rein in prices, lawmakers were voting Wednesday on whether to uphold the government’s move last month to cut the value-added tax on most households’ electricity bills from 21% to 10% until the end of this year and to scrap a 7% tax on power generation for at least three months. Utility companies pass on the cost of that tax to their customers.

Facua, one of Spain’s biggest consumer rights platforms, said that Spaniards will see on average a 35% hike on their July electricity bill compared to the same month in 2020. The increase comes at a time when many households are grappling with the economic fallout of the coronavirus pandemic.

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