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Greece to review energy firms’ financials for possible windfall profits

Greece to review energy firms’ financials for possible windfall profits

Greece will review the financials of its energy firms and tax any windfall profits they have made from soaring energy prices, Prime Minister Kyriakos Mitsotakis said on Wednesday.

Speaking in Parliament, Mitsotakis said he had instructed Greece’s power regulator RAE “to start analyzing the data of all energy companies, from last October until today, and based on the RAE report, the government will act.”

“One thing is for sure: wherever profits are found, companies will be called upon to contribute to tackling the losses suffered by citizens,” he added. “I won’t hesitate, our government will not hesitate…to legislate a one-off levy for any such profits.”

Asked by main opposition MP Sokratis Famellos when this will happen, Mitsotakis said as soon as the government has the RAE report. European gas prices soared to record highs last year and have remained high amid concerns over supply disruptions after Russia – Europe’s top gas supplier – invaded Ukraine.