Plans to ease energy shock

The European Union plans to raise €140 billion by slapping a windfall tax on excess revenues of low-cost electricity producers and making fossil fuel firms share their lavish profits


European Commission: “It is wrong to receive extraordinary profits benefitting from war and on the back of consumers” – Ursula von der Leyen (above)

Mandatory threshold: €180 per megawatt hour for companies that produce low-cost energy,
such as nuclear, renewables

Crisis contribution: Levy on major oil, gas and coal companies to share huge profits. Windfall tax to be “emergency and temporary measure”

Germany: €15-billion bailout of struggling gas importer Uniper. €65bn package includes windfall tax, benefit hikes and public transport subsidies

France: Cap power and gas price increases for households at 15% next year. Cuts will cost 
€16bn. Grants of up to €200 for 12 million poorest households

Denmark: 3.1bn DKK (€417 million) package plus 4% cap on annual rent increases for next two years

Spain: Cut VAT on gas to 5% from 21%. VAT on electricity cut twice over past year. Government has allocated €850m to support gas and electricity-intensive industries

UK: £150bn (€173bn) to cap annual consumer energy bills at £2,500 (€2,878) for two years. Aid for businesses to help pay fuel bills from October


Sources: Bloomberg, Financial Times, Reuters
Pictures: Getty Images 
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