EU chief proposes revenue cap on electricity distributors in Ukraine
A top European Union official unveiled on Wednesday a plan to cap the revenues of electricity producing companies that are making extraordinary profits due to the war in Ukraine and climate change, saying the proposal could raise USD 140 billion to help people hit by spiralling energy prices.
These companies are making revenues they never accounted for, they never even dreamt of, European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France.
In our social market economy, profits are OK, they are good. But in these times it is wrong to receive extraordinary record revenues and profits benefitting from war and on the back of consumers.
