Ursula von der Leyen, the head of the EU, has called for reductions in electricity consumption throughout the bloc and windfall taxes on energy companies to combat excessive prices.
She informed the European Parliament that following Russia’s invasion of Ukraine, gas and energy prices had reached all-time highs.
She demanded a minimum 5% reduction in the amount of electricity consumed during peak hours.
However, proposals to control the cost of natural gas, a significant Russian export to the EU, were postponed.
The Strasbourg plan calls for skimming off low-carbon electricity companies’ earnings and enacting a de facto windfall tax on the oil, gas, and coal industries in order to raise “excess revenues.”
The estimated €140 billion (£121 billion; $141 billion) in funds would benefit individuals and companies in all 27 member nations of the European Union.
In the hopes of reaching a consensus by the end of this month, the EU’s member states will carefully consider the ideas.