Energy crisis: EU chief wants to tap excess producer profits

By LORNE COOK and SAMUEL PETREQUIN
Associated Press

BRUSSELS (AP) — European Commission President Ursula von der Leyen wants to cap the revenue of electricity producers that are making extraordinary profits because of the effects of the war in Ukraine and climate change. She said Wednesday that the proposal could raise $140 billion to help people in the European Union hit by spiraling energy prices. Von der Leyen says “it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of consumers.” She also says the bloc’s electricity market must be reformed to reduce how much natural gas influences electricity prices. All the proposals would need approval by the 27 EU countries.