- EU ministers on Friday agreed cuts to peak-hour power consumption and windfall levies on energy companies in an urgent effort to bring down sky-high energy prices.
- The decision, announced by the Czech Republic in its role holding the EU presidency, aims to mitigate energy costs sent soaring by Russia’s war in Ukraine and as the northern hemisphere winter looms.
- The EU executive believes it can raise 140 billion euros from the levies on non-gas electricity producers and on energy majors that are raking in outsized profits from the global energy demand.
EU to Cut Power Use, Levy Energy Companies
