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European Union approves energy windfall profit levies, says report

Ministers from the 27 EU member states approved levies on energy firms' windfall profits to try contain an energy price surge aggravated by Russia's war against Ukraine.

European Union
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The agreement covers a levy on fossil fuel companies’ surplus profits made this year or next, another levy on excess revenues low-cost power producers make from soaring electricity costs, and a mandatory 5 per cent cut in electricity use during peak price periods.

Reuters Brussels
European Union (EU) countries disagreed on Friday about whether and how to cap runaway gas prices, with Germany among those opposing the measure that 15 other states said was needed to tackle Europe’s energy crunch.
 
Meeting in Brussels on Friday, ministers from the 27 EU member states approved levies on energy firms' windfall profits to try contain an energy price surge aggravated by Russia’s war against Ukraine.
 
The agreement covers a levy on fossil fuel companies’ surplus profits made this year or next, another levy on excess revenues low-cost power producers make from soaring electricity costs, and a mandatory 5

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First Published: Sep 30 2022 | 10:51 PM IST

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