The European Union’s big move on energy companies’ excess profits arrived with a big number: €140bn (£121bn) to be raised via a windfall tax, with the lion’s share coming from generators who are the accidental beneficiaries of high gas prices. Does it put the UK’s efforts to shame?
Well, up to a point. The EU has definitely been bolder in making its levy on generators upfront and compulsory: a revenue cap will be set at €180 a megawatt hour, with the excess going to member states. Assuming the proposal is adopted, there will be no wriggle room.
