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EU Weighs Price Cap on Power From Renewables, Nuclear

  • EU eyes 33% levy on extra profits from fossil fuel companies
  • EU considers mandatory goal of 5% peak hours power demand cut
Engineers install solar panels onto a roof of a property in Barcelona.
Engineers install solar panels onto a roof of a property in Barcelona.Photographer: Angel Garcia/Bloomberg
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The European Union is zeroing in on a plan to cap energy companies’ profits and channel the cash to consumers, as it steps closer to energy rationing in a bid to tame the crisis.

The Commission wants to cap revenues from lower-cost power generators; introduce a levy on fossil fuel companies’ excess profits; and introduce a mandatory consumption cut.