European ministers agree on power cuts and skimming of excess profits

European Union energy ministers reached political agreement on measures to tackle skyrocketing electricity prices at a meeting in Brussels on Friday. The Czech presidency reported this on Twitter.

European energy ministers agreed, among other things, on a proposal to curb demand. This would require member states to save five per cent on power consumption during peak hours this winter. On top of that, member states should aim for an overall 10 per cent reduction in monthly consumption on a voluntary basis.

There is also unanimity on a legal framework to skim off excess profits above 180 euros per megawatt hour from companies producing electricity at low cost, such as nuclear power plants and renewable energy producers. Ministers are also calling for a solidarity contribution from gas, oil and coal companies.

Together, the European Commission expects the two measures to raise up to €140 billion. That money can be used by member states to support households and businesses.

© BELGA PHOTO - EU council.

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