Subject: Windfall profit taxation and Europe’s energy security
From: "Gouta Liana" <[email-masked]>
To: "Info - RAM" <[email-masked]>
Cc: <[email-masked]>
Date: Thu, 3 Sep 2026 12:42:18 +0300

Tähelepanu! Tegemist on välisvõrgust saabunud kirjaga.
Tundmatu saatja korral palume linke ja faile mitte avada.

Dear Minister,

FuelsEurope has taken note of the letter of 21 August, co-signed by six
Member States, calling for discussion on a possible EU-wide framework for
the taxation of so-called windfall profits, in response to the current
supply constraints affecting oil and oil products and the resulting surge
in energy prices.

We fully recognise the significant burden high energy costs place on
European households and businesses, as well as the responsibility of
governments to consider effective and proportionate responses.

It is equally important that any policy response does not undermine
investments and energy security. In this respect, renewed extraordinary
taxation of Europe’s refining and fuels manufacturing industry would risk
producing consequences contrary to the objectives pursued.

Refining is structurally a cyclical business. Periods of stronger margins,
driven by global supply conditions and product-specific shortages, are not
indicative of sustained profitability. Assessing the sector's performance
solely based on short-term market conditions, while disregarding periods
characterised by weak or negative returns, would result in an unbalanced
policy approach that risks undermining the resilience and competitiveness
of European refining operations.

Moreover, recurring recourse to windfall taxation would send a deeply
concerning message to both domestic and foreign investors, at a time when
the sector must mobilise substantial long-term investment to upgrade,
transform and decarbonise its operations in support of the European Green
Deal, the Clean Industrial Deal and the Union's long-term energy
transition objectives.

Such measures risk:

*	Discouraging investments in the efficiency, resilience and
environmental performance of existing refining assets, as well as
investments in the transition towards renewable and synthetic fuel
production;
*	Accelerating the closure of strategically important European
industrial facilities;
*	Increasing dependence on imported fuels and refined products,
thereby exposing the EU greater external supply and price shocks;
*	Weaken the security and affordability of energy supply for
households, industry, defence and other critical sectors of the EU
economy.

At a time when strengthening Europe's competitiveness, industrial base and
strategic autonomy is high on the political agenda, policy predictability
and investment certainty are more important than ever.

Against this background, FuelsEurope urges Member States to refrain from
introducing new extraordinary taxation measures at either EU or national
level and instead to preserve a stable, predictable and proportionate
regulatory and fiscal framework.

Thank you for your attention.

Yours sincerely,

Liana Gouta

Director General

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>

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