The European Union has agreed to impose emergency measures to weigh on record profits for energy companies.
Ministers have agreed windfall taxes for certain energy companies, as well as mandatory cuts in electricity consumption.
The plan includes a levy on fossil fuel companies’ excess profits and a levy on excess revenue from rising electricity costs.
The money raised will go to families and businesses.
But the bloc is at odds over whether and how to cap the wholesale price of gas.
Europe is preparing for a difficult winter due to the cost of living crisis and is putting pressure on the global energy supply.
The bloc is mostly trying to wean itself off of Russian energy, but has struggled its way to other alternative, expensive sources.
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