OUR Commission submit a proposal to set a mandatory reduction target energy consumption, as well as a proposal to charge energy companies to channel “surplus profits” to consumers.

In particular, according to the draft proposal, the Commission will propose to introduce “exceptional and temporary” contributions to oil, gas, coal companies and refineries based on their taxable income in the 2022 tax year.

Two demand reduction targets will also be proposed: a target to reduce overall consumption and a mandatory target to reduce demand during certain peak hours.

According to a draft obtained by Bloomberg, the proposal would cap the excess profits of energy companies that produce from sources other than natural gas by capping the price of energy produced by technologies such as renewables, lignite or nuclear.

It is recalled that the new proposal will be presented this week, a few days after an extraordinary meeting of EU energy ministers, which ended without an agreement on the introduction of a cap on Russian natural gas and highlighted the existence of serious divisions within the bloc. The project must also be approved by the European commissioners.

Source: money review