EU ministers okay redistribution of energy profits

(CIANEWS) - EU member states have agreed to lower electricity consumption at peak times and to tax extraordinary profits of power plants and fossil fuel suppliers. The Czech Ministry of Industry and Trade added that such obtained funding would support vulnerable groups of citizens and companies and fund energy-saving measures. EU energy ministers set the limit of EUR 180 per MWh for the income of power plants that generate energy from cheaper sources than gas. This measure should redirect up to EUR 120bn to EU households. For small and medium-sized enterprises, the ministers agreed to allow an exemption from the rules for public support. They approved the possibility of a price intervention for them regardless of their business sector. Furthermore, they determined a voluntary goal of lowering electricity consumption by 10% and a mandatory goal of 5% in so-called peak hours. Another approved measure is the solidary contribution of companies from the fossil fuels sector. This contribution will total at least 33% of excess profits.



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