The Spanish government has presented a bill reforming the energy sector, which has to be approved by the Parliament. New taxes are expected to raise €2.7bn per year and to cut the €24bn electricity tariff deficit as soon as 2013.
It includes a 6% general tax on power generation revenues. This new tax will raise €571.7m for the ordinary regime (such as nuclear, hydro, combined cycle or coal, etc.) and €688m for the special regime (renewable and cogeneration). A tax on large hydropower will be imposed (on the use of inland waters for power generation) and will raise by €304.2m.
In addition, there are two nuclear taxes: one on the production of radioactive waste, of €2,190/kg of produced heavy metal (expected to raise €269.6m over the next three years, with Garoña nuclear power plant excluded) and another tax on waste storage, which will replace and unify existing taxes from the Autonomous regions.
Fossil-fired generation will also be taxed, through "Green pennies" on natural gas (€2.79c/m3, raising €804m), on coal (€14.97/ton, raising €268m) and on fuel oil and diesel (respectively €12/ton and €2.915c/l, raising €450m).
Finally, the sale of CO2 emission rights could bring €450m.