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France to Cap Price-Hikes in Push to Ease Crisis: Energy Update

Bloomberg business news
WATCH: Ursula von der Leyen says 140 billion euros could be raised by the EU by capping revenues from low-cost power producers.Source: Bloomberg
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France is planning to cap energy-price hikes for households at 15% starting next year as it seeks to ease the financial pain of an energy crisis that has jolted the continent.  

The European Commission earlier proposed a mandatory cut on energy use in the bloc, as well as steps to ease the crunch in markets caused by ballooning collateral demands. Commission President Ursula von der Leyen laid out plans to raise 140 billion euros ($140 billion) from energy companies’ profits. The changes need to be signed off by member states and discussions won’t be easy.