Mandatory power cuts & windfall energy taxes proposed by EU

EU countries will be obliged to cut their consumption of electricity at peak hours by at least five percent (5%). And they should seek to lower their overall electricity consumption by at least 10% until the end of next March.

Windfall taxes will also be imposed on energy companies making “excess revenues” from low-cost electricity generation. The monies raised by the taxes would be channelled to families and businesses needing help with high costs.

They’re the proposals announced today by the European Commission. The recommendations will have to be negotiated with the EU’s twenty seven member states. Speaking today, the EU’s Executive Vice-President Frans Timmermans said reducing gas and electricity consumption is fundamental to the success of any measure to tackle the energy crisis.

Out words: by everyone

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