EU sets out windfall tax plans to combat ‘astronomic’ energy bills
EU Commission President, Ursula von der Leyen, has introduced the bloc's plan to address the rise in energy costs brought forth by the Russian shutdown of the key Nord Stream 1 pipeline and exacerbated by the climate crisis and lingering effects of the Covid pandemic. The five “immediate” moves proposed to help tame Europe’s energy emergency include: s etting a price cap on Russian gas,; mandatory measures to reduce energy use during peak times, funding for ailing utility companies, a windfall tax on fossil fuel companies and a cap on energy companies' revenues. “We are facing an extraordinary situation because Russia is an unreliable supplier and is manipulating our energy markets,” Von der Leyen said while outlining the Commission’s plan. “Our unity and our solidarity will ensure that…