EU will propose windfall levies on energy firms, von der Leyen says

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European Commission President Von der Leyen delivers state of the European Union address, in Strasbourg

BRUSSELS (Reuters) – The European Union will propose measures to cap revenues from low-cost electricity generators and force fossil fuel firms to share the profits they make from soaring energy prices, European Commission President Ursula von der Leyen said on Wednesday.

“In these times it is wrong to receive extraordinary record revenues and profits benefitting from war and on the back of our consumers. In these times, profits must be shared and channelled to those who need it most,” von der Leyen said in a speech to the European Parliament in Strasbourg.

Von der Leyen said the bloc was also discussing energy price caps, and working to establish a “more representative benchmark” price for gas than the Dutch Title Transfer Facility (TTF).

(Reporting by Kate Abnett, Marine Strauss)