Chief executives of European utilities including Enel, Orsted, Vattenfall and EDP have written to EU governments urging them to avoid drastic market interventions such as Spain’s windfall tax, as countries resort to emergency measures to curb the energy crisis.

In a letter due to be sent this week to EU member states and the European Commission, seen by the Financial Times, more than 15 chief executives warn member states against taking “short-sighted political measures” that risk undermining market confidence and derailing the green transition.

The commission on Wednesday will publish a “toolbox” of measures for high energy prices, recommending temporary steps such as cutting taxes, providing income support to the poorest households and increasing renewable energy capacity.