🇪🇺 How Europe is funding their efforts to help consumers 👉 EU energy ministers have agreed to levy windfall taxes on power companies’ profits and to cut electricity use to counter the looming energy crisis
What is the EU doing?
The statement calls on the Commission to work on “proposing workable solutions to reduce prices through gas prices cap.” The measure is dubbed a “solidarity contribution” on fossil fuel producers that have benefited from soaring energy prices. “Prices are likely to remain substantially higher than pre-war levels in the medium-term, and that requires support schemes for consumers,” says Elisabetta Cornago, a senior research fellow at the Centre for European Reform.
The total spending to cushion households and companies from soaring energy prices so far amounts to around half a trillion euros, but officials in Brussels warn that they will have an uneven impact, given their differing capacities of EU members to cope with rising public borrowing.
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