Spanish energy giants Iberdrola, Endesa, Naturgy, Repsol and Moeve are set to more than double their 2023 profits in 2026, driven by record gas and oil prices
Executive summary: Spanish energy companies Iberdrola, Endesa, Naturgy, Repsol and Moeve are forecast to earn over €20 billion in combined profits in 2026, more than double their 2023 earnings, due to record gas and oil prices. The profit spike raises expectations of renewed calls for a temporary energy tax, which could affect corporate net income, government revenue and sector investment decisions.
Who is involved: Iberdrola, Endesa, Naturgy, Repsol, Moeve; Spanish government and parliament; EU competition authorities.
Likely next: Spanish lawmakers are expected to debate a new temporary levy on energy profits by October 2026, while the EU may assess whether the windfall constitutes unlawful state aid.
The projected profit surge for Spain's major energy firms reflects the ongoing elevation of global gas and oil prices to record levels in 2026. While the windfall bolsters corporate balance sheets, it has renewed political debate over a possible new temporary levy on energy earnings, reminiscent of the 2023 solidarity tax. Analysts note that any fiscal response could affect future investment plans and the sector's contribution to public finances.
Timeline
- — Las energéticas dispararán su beneficio en 2026 gracias a los precios récord en gas y petróleo (El País — Economía)
- — Argentine leader says oil firms working off Falklands face sanctions (BBC Business)
- — Kritische Infrastruktur: Dax-Konzernchef: Deutschland wird besonders stark attackiert (Handelsblatt)
Analysis — what this means
Likely next events
- Spanish parliamentary committee to vote on a proposed temporary energy profit tax by 15 Oct 2026
- Repsol to publish its Q3 2026 earnings report on 2026-10-15
- EU Commission to open a state‑aid inquiry into excessive energy profits by 31 Dec 2026
Sectors affected
- Oil and gas upstream
- Electricity generation
- Renewable energy project financing
Regulatory implications
- Possible reintroduction of Spain’s temporary solidarity tax on energy firms (similar to the 2023 measure) by Q4 2026
- EU state‑aid review under Article 107 TFEU to assess whether record profits confer an unfair advantage
- Eurogroup discussion on a coordinated windfall‑profit levy for EU energy sectors in 2027
Historical parallels
- Spain’s 2023 temporary solidarity tax on energy companies that generated roughly €2 billion
- Italy’s 2022 windfall tax on energy sector profits
- United Kingdom’s 2022 oil and gas windfall tax that raised about £1 billion
Sources
- Las energéticas dispararán su beneficio en 2026 gracias a los precios récord en gas y petróleo — El País — Economía
- Argentine leader says oil firms working off Falklands face sanctions — BBC Business
- Kritische Infrastruktur: Dax-Konzernchef: Deutschland wird besonders stark attackiert — Handelsblatt
Related cases
- Spanish blue‑chip stocks ArcelorMittal, Repsol and Acerinox post 22‑65% YTD gains, outperforming the broader market
- BBVA overtakes Iberdrola in market capitalisation for the first time since July 2018, edging ahead by €31 million
- Spanish energy firms move to forge European champions to rival global rivals
- Spanish energy giants move to create pan‑European champions to counter US, Chinese and Russian rivals
- Iberdrola secures over €5.3 billion in sustainable financing in H1 2026, underscoring strong investor appetite for green utility debt
- Repsol unveils ARiA, its AI‑driven digital brain to optimize refining and create new digital services