SUBSCRIBE
PROFILE

Greece taxes windfall profits

In Greece, the energy minister says the country will impose additional taxes on energy companies.

Share:

Subscribe for unlimited access to all energy sector news.

Over 150 multisector articles and analyses every week.

Your 1st year at 99 $*

then 199 $/year

SUBSCRIBE — 99 $ for the 1st year

Create a free account to read this article

*renews at 199$/year, cancel anytime before renewal.

In Greece, the energy minister says the country will impose additional taxes on energy companies.

Taxing profits

Greece identifies windfall profits from higher energy prices. However, Greek households are under pressure from inflation, which is at its highest level in nearly 30 years. Thus, the government instructs the country’s energy regulator RAE, to identify windfall profits.

The objective is to increase windfall profits based on companies’ gross margins resulting from higher gas prices. Thus, the profits will be used to offset higher energy bills for consumers. Kostas Skrekas, Minister of Energy in Greece, states:

“From the beginning of this great test for Europe, the government and Prime Minister Kyriakos Mitsotakis have committed themselves (…) to not allow any form of profit.”

Government assistance

Greece plans to tax profits at 90%. Thus, for the period covering October 2021 to June 2022, this represents €375 million according to the RAE survey. Athens wants to maintain affordable prices on consumer bills until the end of this pan-European energy crisis.

So far, Greece allocates more than €9 billion to household subsidies for electricity. In addition, other measures have been in place since last September to help individuals. Businesses also benefit from measures to pay their utility bills.

  • Popular on energynews.pro
Canadian Utilities secures AUC approval for Yellowhead gas pipeline project
China: 25 GW of coal approved in H1 2025, commissioning surges
Brazil Mobilizes $1 Billion for 65 Hydropower Plants
Brazil dismantles criminal fuel network worth BRL52bn
Ascent Solar and Star Catcher combine technologies for space-based solar energy
Natural gas and solar receive broad support across the United States
A national study by the Davies Group reveals widespread American support for the simultaneous development of both renewable and fossil energy sources, with strong approval for natural gas and solar energy.
Seoul Imposes 25% Cut in Petrochemical Capacity to Stabilize the Sector
The South Korean government compels ten petrochemical groups to cut up to 3.7 million tons of naphtha cracking per year, tying financial and tax support to swift and documented restructuring measures.
Washington extends emergency orders to strengthen Puerto Rico’s power grid
The U.S. Department of Energy has extended until November the emergency measures aimed at ensuring the stability of Puerto Rico’s power grid against overload risks and recurring outages.
Modi Defends India’s Energy Autonomy Amid U.S. Tariff Pressure
Under threat of increased U.S. tariffs, New Delhi is accelerating its energy independence strategy to reduce reliance on imports, particularly Russian oil.
800-Million-Dollar Agreement: Tsingshan Triggers an Energy Recomposition in Zimbabwe
With a new $800 million investment agreement, Tsingshan expands the Manhize steel plant and generates an energy demand of more than 500 MW, forcing Zimbabwe to accelerate its electricity strategy.
United States: Batteries Offset Solar and Wind Slowdown in 2025
U.S. electric storage capacity will surge 68% this year according to Cleanview, largely offsetting the slowdown in solar and wind projects under the Trump administration.
Massive power outage in Iraq after losing 6,000 MW of capacity
A nationwide blackout left Iraq without electricity for several hours, affecting almost the entire country due to record consumption linked to an extreme heatwave.
US Investigates Solar Imports from India, Indonesia and Laos
Washington launches antidumping procedures against three Asian countries. Margins up to 190% identified. Final decisions expected April 2026 with major supply chain impacts.
Russian oil and gas revenues fall by 27% in July 2025
Revenues generated by oil and gas in Russia recorded a significant decrease in July, putting direct pressure on the country’s budget balance according to official figures.
United States reaches two historic electricity demand peaks in July 2025
U.S. electricity consumption reached unprecedented levels in the last week of July, driven by a heatwave and the growth of industrial activity.
New York Power Authority unveils 7GW plan for public investments in renewable energy
The New York Power Authority targets nearly 7GW of capacity with a plan featuring 20 renewable projects and 156 storage initiatives, marking a new phase for public investment in the State.
French Guiana targets electric autonomy with 120 MW biomass plant by 2026
French Guiana plans to achieve a fully decarbonised power mix by 2027, driven by the construction of a biomass plant and expansion of renewable energy on its territory.
Ember: Slow national ambitions hinder global tripling of renewables
The progress of national targets for renewable energy remains marginal, with only a 2% increase since COP28, threatening the achievement of the tripling of capacity by 2030 and impacting energy security.
Department of Energy report questions economic impact of CO2 and reach of US climate policies
A Department of Energy report states that US actions on greenhouse gases would have a limited global impact, while highlighting a gap between perceptions and the economic realities of global warming.
The MENA renewable energy market will reach USD59.9 bn in 2030 driven by hydrogen and solar
Investments in renewable energy across the Middle East and North Africa are expected to reach USD59.9 bn by 2030, fuelled by national strategies, the rise of solar, green hydrogen, and new regional industrial projects.
Global electricity demand set for robust growth until 2026 despite economic pressures
Global electricity demand is projected to grow steadily through 2026, driven by industrial expansion, data centres, electric mobility and air conditioning, with increasing contributions from renewables, natural gas and nuclear power.
Electricity demand reaches 2,362 MW in Kenya as KenGen focuses on renewables
Kenya registers a historic record in electricity consumption, driven by industrial growth and a strong contribution from geothermal and hydropower plants operated by Kenya Electricity Generating Company PLC.
European industrial energy demand hits new low in 2023
Final energy consumption in the European industrial sector dropped by 5% in 2023, reaching a level not seen in three decades, with renewables taking a growing role in certain key segments.
France: RTE launches public debate over €90 billion grid investment
Réseau de transport d’électricité is planning a long-term modernisation of its infrastructure. A national public debate will begin on September 4 to address implementation methods, challenges and conditions.
Spanish lawmakers reject Pedro Sánchez’s plan to prevent major power outages
The Spanish Parliament has rejected a package of reforms aimed at preventing another major power outage, plunging the national energy sector into uncertainty and revealing the fragility of the government's majority.

Log in to read this article

You'll also have access to a selection of our best content.

or

Go unlimited with our annual offer: $99 for the 1styear year, then $ 199/year.

SUBSCRIBE - €99