EU Commission looks to clobber generators and producers
Executive body puts forward a range of measures but backs away from a gas price cap for now
The European Commission has proposed demand reduction measures, a cap on generator revenues and a windfall tax on oil and gas companies to mitigate the impact of the continent’s looming energy crisis this winter. “These are all emergency and temporary measures we are working on,” says Commission president Ursula von der Leyen. Firstly, the Commission is calling for coordinated demand reduction across the bloc and proposes an obligation for member countries to cut “electricity consumption by at least 5pc during selected peak price hours”. It also suggests that member states “aim to reduce overall electricity demand by at least 10pc” until the end of the first quarter next year but has left it
Also in this section
20 May 2024
Not for the first time, a foreign oil company-led project in Iraq’s Kurdistan region is dealing with the aftermath of a deadly drone attack
17 May 2024
The latest drought crisis is passing, but longer-term solutions are in motion, explains Panama Canal Authority Administrator Ricaurte Vasquez Morales
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way