EU Proposes Windfall Levies on Energy Firms to Ease Price Pain

The European Union's executive plans to raise more than 140 billion euros ($140 billion) to shield consumers from soaring energy prices by skimming off revenues from low-cost electricity generators and making fossil fuel firms share windfall profits, Reuters reported. The European Commission published the proposals on Wednesday as the 27-member European Union grapples with an energy crisis fuelled by Russia's invasion of Ukraine. Governments across Europe have already ploughed hundreds of billions of euros into tax cuts, handouts and subsidies to tackle a crisis that is driving up inflation, forcing industries to shut production and hiking bills ahead of winter. "In these times, profits must be shared and channelled to those who need it most," European Commission President Ursula von der Leyen told the EU Parliament in Strasbourg, adding that the plans should raise more than 140 billion euros for member states to rechannel into helping businesses and retail consumers. Read more.
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