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The Independent UK
The Independent UK
National
Via AP news wire

EU chief proposes electricity market reform, revenue cap

Electricity Ursula von der Leyen European Commission Ukraine Europe
Copyright 2022 The Associated Press. All rights reserved

A top European Union official unveiled Wednesday a plan to cap the revenues of electricity producing companies that are making extraordinary profits due to the war in Ukraine and climate change, saying the proposal could raise $140 billion to help people hit by spiraling energy prices.

“These companies are making revenues they never accounted for, they never even dreamt of,” European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France.

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