- The European Commission has stepped back from earlier plans to cap the price of Russian gas, proposing instead to set up a new task force with EU member state representatives that will attempt to negotiate deals with key suppliers such as Norway.
- To help finance this, von der Leyen announced the creation of a windfall tax on the “revenues of companies that produce electricity at a low cost” – typically renewables and nuclear.
- To ensure investments in future clean energy infrastructure, von der Leyen announced the creation of a “European hydrogen bank” that will “guarantee” the purchase of hydrogen thanks to funds drawn from the EU carbon market, the Emissions Trading Scheme (ETS).
EU’s von der Leyen rows back on plans to cap fossil gas prices
