Pursuant to Article 14 of Royal Decree-Law 18/2026, of June 29, new reductions to the taxable base of the Tax on the Value of Electricity Production are introduced for the year 2026.

Article 15 also introduces the applicable tax rate for the 2027 and 2028 fiscal years.

Tax measures to combat the energy crisis resulting from the armed conflict in the Middle East. Tax on the Value of Electrical Energy Production.

In accordance with Article 14 of Royal Decree-Law 18/2026, of June 29, the taxable base of the Tax on the Value of Electricity Production corresponding to the year 2026 It is subject to the following reductions:

• A 10 percent reduction in the remuneration corresponding to the electricity incorporated into the system during the first calendar quarter of 2026, which means that 90 percent of said remuneration will be included in the taxable base of the tax.
• A reduction in the total remuneration corresponding to the electricity incorporated into the system during the second calendar quarter of 2026, which means that said remuneration will not be included in the taxable base of the tax.
• A 30 percent reduction in the remuneration corresponding to the electricity incorporated into the system during the third calendar quarter of 2026, which means that 70 percent of said remuneration will be included in the taxable base of the tax.
• A 40 percent reduction in the remuneration corresponding to the electricity incorporated into the system during the fourth calendar quarter of 2026, which means that 60 percent of said remuneration will be included in the taxable base of the tax.

These reductions modify the value of electricity production that must be taken into account for the calculation of installment payments and the annual self-assessment for the year 2026.

In accordance with Article 15 of Royal Decree-Law 18/2026, of June 29, the Tax rate of the Tax on the Value of Electricity Production applicable in the years 2027 and following It is reduced:

· In the 2027 fiscal year, the applicable tax rate will be 3.5 percent.

· In fiscal years 2028 and subsequent years, the applicable tax rate will be 0 percent.