Many Europeans are outraged that energy companies are making record profits from the current crisis
The second set of excess profits is more complicated still. The cost of generating electricity varies depending on the energy used: gas is very expensive, while the sun shines for free, for example. On European electricity markets the price of power each hour is set by the most expensive power plant that is needed to meet demand. The system usually works well, but was.
The result is very high prices for electricity. And potentially, and controversially, very high profits even for those energy companies whose costs have not increased, such as those using nuclear or wind. The EU proposes to cap the revenue that firms can receive on the market at €180 per megawatt hour . The flexible plants that are needed to meet demand, such as gas and coal-fired ones, are exempted from the cap.
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