EU Gas Price Cap Support Widely Split

EU countries agreed to impose emergency levies on energy firms “excess” profits earlier today and began talks on their next move to tackle the energy crisis. A bloc-wide gas price cap has been touted.

• The package includes a levy on fossil fuel companies' surplus profits made this year or next, another levy on excess revenues low-cost power producers make from soaring electricity costs, and a mandatory 5% cut in electricity use during peak price periods. The measures were announced earlier in the month but waited until today for approval.
• Fifteen countries, including France, Italy and Poland have approved of a gas price cap. Germany, Austria, the Netherlands plus others warn gas price caps could leave countries struggling to buy gas if they cannot compete with buyers in price-competitive global markets.