Posted on 09/14/2022 6:46:49 AM PDT by Oldeconomybuyer
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 benefiting 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.
A draft of the Commission proposals, seen by Reuters, would skim off excess revenues from Europe's non-gas fuelled power plants and have governments spend the cash on helping businesses and retail consumers with their bills.
Wind and solar farms and nuclear plants would face a cap of 180 euros ($180) per megawatt hour (MWh) on the revenue they receive for generating electricity.
Fossil fuel firms would also face a windfall levy to claw back profit from soaring oil and gas prices stoked by Russia slashing gas deliveries in the wake of its invasion of Ukraine.
Oil, gas, coal and refining firms would be required to contribute 33% of their taxable surplus profits from fiscal year 2022, the draft said.
Separately, Von der Leyen said the EU was planning a deeper overhaul of its electricity market to decouple power prices from the soaring cost of gas.
EU countries will have to negotiate the Commission's proposals and agree on final laws.
(Excerpt) Read more at france24.com ...
What could possibly go wrong?
Low-cost electricity generators run of gas/propane the last I looked.
Leave to the liberals to concoct a plan that will make energy even scarcer and more expensive. The elites of course will simply obtain all the diesel they need to keep their private generators working.
Same socialist playbook
If Republicans had any testicular fortitude they would articulate what an extreme advantage the Europeans give the US through their hideous energy policies. Not only should America be energy dominant through domestic energy production, but American businesses and the American standard of living should lead the world.
It should be obvious to most people with a half functioning brain (that excludes Biden) that energy is THE primary cost of manufacturing and the cost of everything we consume.
Welc9me to the modern world where we’ve made so much progress as a society that we have gone from enjoying 24/7 electricty unrestricted, to now where we must peddle a bicycle to turn on one dim bulb for light per orders of the European, who sit In Their ivory towers enjoying their own private 24/7 unrestricted electricity- nice and wamr, or cool as the case may be, and plenty of carnivore food to eat while we peons eat bugs while freezing to death or overheating to death as the case may be.
Yeah! What progress we’ve made!
Price controls have to work because that’s what the leadership wants.
Even if it means power generating businesses have to take a loss.
The companies will continue to operate until they have no more money left.
Then you print more money and give it to them.
To make Greta happy move all your carbon-dioxide generating industries such as steel to Communist China where the science tells us greenhouse gasses do not exist.
Everything.
Interesting concepts. You have a supply problem so you subsidize demand. They do have to find a way to cap prices to the consumer. No one can afford the prices.
They should be honest and simply ration until supply is found or go back to what previously worked, but Russia has fried their brains
They cause a problem and then do things that give a sugar rush but won’t last nor solve the problem. There’s only one way out of an energy shortage, they know it and they aren’t going to use it.
It’s an old story but reality will remain in place after their useless machinations.
Saudi Arabia claims 267 billion barrels but many dispute this as far too high.
North of the Rio Grand lies 214 billion barrels of oil reserves, and probably much more. North America is an energy colossus. The only thing lacking is the will to exploit it.
Cap prices. Yeah, that’s the ticket. That always encourages more production.
These spoogeknuckles have the brain power of a sea urchin.
Almost all electricity is price regulated in the United States, and has been for about 110 years.
What the EU should do is to vaporize or fuel inject say gasoline in lieu of natural gas at commercial power plants.
Aircraft jet engines burn liquid fuel.
Power plant turbines could burn liquid fuel too.
The leftist green whackos want to build America on energy from the Sun and wind, which neither are available 24 hours per day. The electric grid doesn’t exist to support that. The battery technology doesn’t exist to support that. This is what happens when people base their energy policy on the rantings of a retarded Swedish teenage who played hooky from school.
“Cap prices. Yeah, that’s the ticket. That always encourages more production.”
You don’t have to throw $1,000,000/year at me to get me to work.
I’d be happy to take $50,000/year.
“Same socialist playbook”
Your local public schools are socialist.
The US Army is socialist.
In Florida, FPL residential electricity has a base charge and a fuel surcharge.
Yes.
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