EU plans ‘solidarity contribution’ from oil and gas firms during energy crisis

 Oil and gas companies will have to share their excess profits to help European households and industries cope with red-hot energy bills, a draft European Union plan showed on Monday (12 September).

Energy prices and inflation have surged as Moscow slashed gas supplies in response to Western sanctions imposed over its war in Ukraine.

The draft European Commission proposal, which is expected to be unveiled this week, would see the 27 EU countries introduce a ‘solidarity contribution’ for the fossil fuel industry.

Oil, gas, coal and refining companies would have to make a financial contribution based on “taxable surplus profits made in the fiscal year 2022”, according to the draft, which could still change and will then need to approval from EU governments in order to become law. (...)