The EU is planning to raise €140bn from energy companies’ profits to soften the blow of record-high prices this winter in what would amount to a new bloc-wide levy in response to the crisis over Ukraine.
A proposed windfall tax on power companies that do not burn gas, the price of which has recently soared, would be accompanied by other measures on fossil fuel groups…
The commission proposal would set a mandatory threshold for prices charged by companies that produce low-cost, non-gas energy, such as nuclear and renewables groups.
Companies would have to give EU states the “excess profits” generated beyond this level, which the commission seeks to set at €180/MWh. But member states would be free to put in place lower thresholds of their own.
Here is more from the FT.