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

Spain’s government is slashing energy taxes as part of a package of measures aimed at driving down household electricity costs that have surged to record highs in recent months

MADRID -- Spain’s government is slashing energy taxes as part of a package of measures aimed at driving down household electricity costs, which have surged to record highs in recent months and triggered an outcry. Prime Minister Pedro Sánchez said his government wants to curtail what he called energy companies’ “exceptional benefits” under current fiscal and energy regulations. The goal is to shift fiscal benefits to consumers and also head off a potential sharp increase in natural gas prices, Sánchez told public broadcaster RTVE in an interview late Monday. The government says the 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 surging power demand in recent months.