A top European Union official unveiled a plan Wednesday to cap the revenue of electricity producers that are making extraordinary profits because of the effects of Russia’s war in Ukraine and climate change, saying the proposal could raise $140 billion to help people hit by spiraling energy prices.
It’s one of several proposals aimed at containing an energy crisis in Europe that could lead to rolling blackouts, shuttered factories and a deep recession this winter. Others include slashing energy use and reforming the electricity market, which all need approval by the 27 EU countries. As the bloc supports Ukraine, Russia has reduced or cut off natural gas to 13 member nations, surging gas and electricity prices that are expected to go higher as demand peaks during the cold months.
