As European governments revive debate over taxing energy-sector windfalls amid renewed volatility in global oil markets, Greece is signaling that it has little appetite for another round of extraordinary levies on refineries and fuel companies.
Greek officials, according to people familiar with the matter, are closely monitoring rising oil and natural-gas prices following escalating geopolitical tensions in the Middle East. But Athens is not currently considering a new tax similar to the emergency measures imposed during the energy crisis that followed Russia’s invasion of Ukraine in 2022.
The stance sets Greece apart from a growing group of European countries reconsidering windfall taxes as energy companies once again report robust earnings driven by market turbulence and strong refining margins.
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The debate intensified this week after Shell reported stronger-than-expected first-quarter earnings for 2026. The British energy major posted adjusted net profit of $6.9 billion and raised its dividend by 5%, benefiting from swings in crude prices and solid performance in oil trading and refining. Other European energy giants, including BP and TotalEnergies, have also continued to generate elevated profits despite broader economic uncertainty.
Those results have reignited political pressure across Europe to revisit so-called windfall taxes introduced during the peak of the continent’s energy crisis. Governments argue that extraordinary profits generated during periods of market disruption should partly be redirected toward shielding households and businesses from higher fuel and electricity costs.
Portugal has already said it is examining a new levy on excess profits in the energy sector modeled on the temporary mechanism introduced in 2022. Portuguese Finance Minister Joaquim Miranda Sarmento said the government would review earlier measures and present a proposal to parliament in the coming weeks, arguing that while today’s market conditions differ from those seen after the outbreak of the war in Ukraine, consumers are again facing mounting pressure from rising energy prices.
At the European level, five member states—including Germany, Spain, Italy and Austria—have called for discussions on whether the bloc should coordinate a broader approach to taxing unexpected energy profits.
The European Commission has so far resisted adopting a single EU-wide framework. Still, Economy Commissioner Valdis Dombrovskis confirmed that the issue is under review, while urging governments to focus on targeted support measures for vulnerable households and businesses.
Brussels has also left open the possibility that temporary taxes on energy profits could help finance those support programs. At the same time, EU officials have emphasized that decisions on such measures remain largely the responsibility of national governments.
