(Bloomberg) -- Spain is looking to allow energy companies to earmark profits for investments rather than having to pay a windfall tax.

The government is considering a new system allowing firms to either “invest part of your profits or you contribute” to the state through taxes, Energy Minister Teresa Ribera said in an interview in Brussels on Monday. The government expects to have the new system ready “in coming weeks.”

Energy firms have been seeking clarity on the plans for the windfall tax, ever since the government late last year said it needed adjustments because it was originally put in place when electricity prices were far higher than they currently are. The tax riled the industry, with at least one major firm, Repsol SA, threatening to cut investments in the country. 

The temporary tax was created for 2023 and 2024, as part of inflation relief plans, and sets a 1.2% levy on revenues of large energy companies. The government subsequently signaled it could extend the measure. However, in December Ribera said Spain needed to rethink because companies were no longer reaping extraordinary profits. 

“What we are trying to do is to shift from this extraordinary contribution coming from the windfall profits towards something which could become an incentive for new investments in the energy field,” Ribera said in Monday’s interview, adding that the country needs “approximately €30 billion ($32.5 billion) of investments per year in” in energy.

Spanish energy prices have plummeted in recent days, driven largely by strong renewable production. Companies saw a huge surge in revenue in the aftermath of Russia’s invasion of Ukraine. 

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