Leaked Paper Reveals EU Is Unlikely to Cap Price of Russian Gas - Tasnim News Agency

The EU executive is retreating from imposing a price cap on Russian gas, but pushing ahead with windfall taxes on energy company “surplus” profits, according to a leaked document.

A draft regulation on the “electricity emergency tool” seen by The Guardian contains neither a price cap on Russian gas nor on imported gas, after member states were unable to agree on restrictions last week.

The EU is expected to levy windfall taxes on the high profits of fossil fuel companies, with a separate cap on revenues of low-carbon electricity producers.

The European Commission president, Ursula von der Leyen, is expected to publish Europe’s plan on dealing with surging electricity prices when she makes her annual state of the union speech on Wednesday.