- Cap of €180mWh would apply to nuclear and renewables
- Windfall tax would recoup 33% of oil, gas, coal and refining companies surplus profits compared to the three years before 2019
- Would apply to fossil fuel companies that have tax obligations in EU countries
- Proposes mandator target to cut electricity use by 5% during peak periods
- Proposes voluntary target to cut overall monthly electricity use by 10% compared to same period in recent years
There's nothing surprising here, the real question now is: Can this get broad support? If so, it's not going to do anything to stimulate energy exploration and development in Europe. It's rough to take away the punch bowl from a cyclical industry like oil.
There has been some small improvement in European energy pricing lately. Here is day-ahead German power:
EUR is up 29 pips today.
