Particle.news
Download on the App Store
4 ARTICLES
·
2mo ago

Moeve Reports €92 Million Q1 Profit Following End of Extraordinary Energy Tax

The removal of Spain's 'impuestazo' tax helped Moeve recover from prior losses, despite challenges from declining energy prices.

Sede de Moeve.
Image

Overview

  • Moeve, formerly Cepsa, posted a net profit of €92 million in Q1 2025, reversing losses from the previous year.
  • The profit recovery was driven by the abolition of Spain's extraordinary energy tax, which had cost the company €243 million in 2024 and €323 million in 2023.
  • Despite lower energy prices, Moeve's financial performance has improved significantly, reflecting resilient demand and restored margins.
  • The extraordinary tax, introduced in 2023, was designed to capture windfall profits during a period of high wholesale energy prices but was not renewed in 2025.
  • The Spanish energy sector continues to navigate market volatility, with companies emphasizing the need for investments in renewables and grid resilience following recent blackouts.