EU proposes $140 billion windfall tax on energy companies

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EU proposes $140 billion windfall tax on energy companies
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The European Union wants to raise $140 billion by tapping the windfall profits of some energy companies to help households and businesses pay eye-watering gas and electricity bills.

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London The European Union wants to raise €140 billion by tapping the windfall profits of some energy companies to help households and businesses pay eye-watering gas and electricity bills.

On Wednesday, the European Commission proposed capping the profits of renewable and nuclear electricity producers, and taxing the windfall earnings of oil and gas companies. Profits at power generators using wind, solar and nuclear energy have ballooned because their tariffs are linked to the wholesale price of natural gas, which soared to a record high in March after Russia invaded Ukraine, and now stands about 550% up on year-ago levels.

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The winter is coming

I wish that can happen here in Africa

Because dropping sanctions is just an impossibility?

Bidens sanctions on Russia really panned out for the world 80millionvotes

Well, this should squash development in ‘green’ energy sectors. It’s as if Putin proposed this idea.

You're missing an important point: they won't give any of that $140B back to their citizens, they keep it and waste it on their ridiculous projects. They are just taxing the ripping off of their citizens. Not helping them as they make it sound.

This is the only way to teach greedy shareholders the more they put the prices up the more they should be taxed to give it back to the people

where the money come from? printed

The 'eye-watering' bills are because of the actions of the European Union and its associated governments, not the energy companies.

Ah, that's the EU I know. Hold a gun to successful company's heads to make up for their own stupid mistakes.

Sounds like a good idea

The people running the EU are not elected by citizens of the EU... there is nothing democratic about this, but the progressives in the US consider europe the ideal form of democracy.

Jesus is coming back soon as a judge, repent of your sins, the wages of sin is death. Matthew 3:2 [2]'Repent, for the kingdom of heaven is at hand.'

They might have a plan by 2029.

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