Greece to Impose One-Off Windfall Tax on Gas Power Producers

Greece plans to tax its natural gas-fired power producers with a one-off windfall tax in August and September to raise funds to subsidize electricity bills as wholesale power prices spiked this summer. Power demand in Greece has soared amid heat waves in recent weeks, leading to a jump in wholesale electricity prices, which have been weighing on consumer bills. Due to the interconnected power grids in countries in Europe, rising power demand in neighboring countries has also lifted wholesale prices in Greece. “Therefore the government has…