Europe must cut taxes on electricity if it wants to help struggling industries become more competitive, the heads of two of the continent’s largest power companies have said.
Ignacio Galán, the chief executive of Spanish power group Iberdrola, said the EU needed to “urgently” move to remove the various taxes and levies on electricity that have built up over time.
“In the US, these costs amount to 10 per cent of consumer bills,” he noted, adding that in Iberdrola’s home market of Spain, taxes can make up closer to 40 per cent of bills.
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