‘Excess profits from electricity companies, should go to most in need’ – EU Commissioner

Ireland’s EU Commissioner Mairead McGuinness says the excess profits from companies making electricity at low cost, should go to where they’re most needed.

Last week the European Commission President Ursula von der Leyen proposed a number of recommendations for member states to tackle soaring energy costs.

They include mandatory cuts of electricity use at peak hours and imposing windfall taxes on energy companies making “excess revenues” from low-cost electricity generation. Energy ministers will meet next week to discuss the EU measures to handle the energy crisis.

Mairead McGuinness says the costs as they are are excessive:

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