(Bloomberg) -- Iberdrola SA said it would try to avoid passing on higher global market prices to industrial clients, if the Spanish government withdraws a windfall tax on utilities aimed at lowering energy bills.

Utilities haven’t benefited from the increase in power prices and have instead been bearing the costs of higher natural gas prices, Iberdrola said in an emailed statement on Thursday. 

Spain should withdraw a decree presented in September in response to soaring power prices that caps windfall profits of utilities, Iberdrola said. In return, the company, would commit to renewing contracts for clients that so request it to avoid harmful cost increases, to the extent that’s possible.

Iberdrola has been a vocal critic of some government efforts to shield consumers from higher power costs, saying policies such as the windfall tax risk driving away investment.

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