EU adopts levy on excess energy profits, no gas price cap

By SAMUEL PETREQUIN and LORNE COOK
Associated Press

BRUSSELS (AP) — European Union energy ministers have adopted a package of measures to ease an energy crisis, including a levy on windfall profits of fossil fuel companies. But an agreement on capping natural gas prices that is supported by a majority of countries remained off the table. The package approved Friday includes the windfall levy on oil, natural gas and coal companies, a temporary cap on the revenue of low-cost electricity generators, and an mandate for the 27 EU countries to reduce electricity consumption during peak price hours. With energy prices skyrocketing across Europe, the proposals from the European Commission are designed to help raise $140 billion in relief for people and businesses hit by the crunch.