Portuguese court rules renewable energy levy unconstitutional [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
The decision supports the stance of companies that have contributed hundreds of millions of euros to the levy. In 2023, renewable sources such as dams and solar and wind parks provided 61% of Portugal's electricity, one of the highest ratios in Europe. The government anticipated collecting €125m from the CESE across the energy sector in its 2024 budget, mirroring the previous year's figures. The levy, excluding renewables, was first implemented in 2014 to help reduce the budget deficit following a debt crisis and international bailout. Although intended as a temporary measure, it has been maintained by successive governments. In 2019, the scope of the CESE was broadened to include renewable utilities' feed-in tariffs, aiming to decrease the electricity sector's tariff debt. The debt arose from setting regulated electricity prices for consumers below production costs. However, the constitutional court's ruling of 23 April 2024 states that applying the CESE to renewable u
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