EU targets €140-billion from windfall taxes on energy companies to ease high prices
Retail electricity prices in the EU have increased by almost 50 per cent year-on-year from July, 2021, largely due to high prices for the natural gas that fuels much of the power production in the bloc. At the start of this month, Russia said it would not reopen its main Nord Stream 1 pipeline to supply Europe – the latest in a string of supply cuts, for which Moscow blames Western sanctions imposed over its invasion of Ukraine.
“In these times, it is wrong to receive extraordinary record profits benefitting from war and on the back of consumers. In these times, profits must be shared and channelled to those who need it the most.” “Major oil, gas and coal companies are also making huge profits. So they have to pay a fair share – they have to give a crisis contribution,” she said.
“This crisis underlines that the era of cheap fossil fuels is over and that we need to accelerate the switch towards homegrown, renewable energy,” Mr. Timmermans said.
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