EU expects to raise €140bn from windfall tax on energy firms

The European Commission’s vice-president, Frans Timmermans, said the plans were a necessary response to energy supply shortages and high prices. Photograph: Yves Herman/Reuters

The EU executive plans to raise about €140bn (£121bn) by imposing windfall taxes on energy companies’ “abnormally high profits” and redirecting proceeds to households and businesses struggling with soaring bills.

Announcing long-awaited emergency measures to tackle the rising price of electricity, the EU official in charge of the green transition, Frans Timmermans, said the plans were a necessary response to energy supply shortages and high prices.