The EU proposes an extraordinary rate for energy companies

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The European Commission announced on Thursday that it proposed a voluntary target for EU countries to European Union reduce total monthly electricity consumption by 10% compared to the same period in recent years, as reported by Reuters.

Featured proposals

“The EU Commission proposes to cap the revenue of non-gas-fired electricity generators at €180 per megawatt hour.”

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“The EU revenue cap would apply to wind, solar, biomass, lignite, nuclear and some hydropower generators.”

“The EU proposes a tax on energy windfalls to recover surpluses from fossil fuel companies.”

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“The EU rate would recover 33% of excess taxable profits from oil, gas, coal and refining companies in fiscal year 2022.”

“The EU rate would apply to fossil fuel companies that have tax obligations in EU countries.”

“The EU proposes a mandatory target for EU countries to reduce electricity use by 5% during peak price periods.”

Market reaction

The shared currency is unchanged after this release with the EUR/USD pair up 0.32% on the day to hit 1.0002.

Source: Fx Street

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