EU seeks $140 bn from energy firms to insulate consumers from energy crisis
The European Union’s executive outlined plans on Wednesday to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic recession and insolvencies.
European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving many struggling to pay bills and utilities grappling with a liquidity crunch.
The European Central Bank’s chief economist said these higher prices remain a “dominant driving force of inflation” in the euro zone.
European governments have responded with measures ranging from capping consumer electricity and gas prices to offering credit and guarantees to power providers at risk of collapse.
