Brussels is pressing for unexpected national taxes on bloated profits of energy companies to counter what European Commission President Ursula von der Leyen called “astronomical” electricity bills.
The proposed tariffs, which EU energy ministers will discuss on Friday, will target fossil fuel producers and low-carbon power generators that have reaped extra profits thanks to artificially inflated electricity prices, according to people familiar with the plan.
They then seek to transfer the proceeds to vulnerable consumers and households. Wholesale electricity prices have risen due to their correlation with the price of gas, whether or not electric power is produced by gas or by other means. Gas prices are about 12 times higher than they were a year ago.
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