Emergency measures have been agreed to by the European Union.
The ministers have agreed to impose windfall taxes on certain energy companies.
Fossil fuel firms' surplus profits and excess revenues will be taxed under the plan.
The money raised is going to people.
The price of gas is a topic that is dividing the bloc.
Europe is bracing for a difficult winter due to the cost of living crisis and lack of energy supplies.
The bloc is trying to wean itself off Russia energy but it has left it scrambling for other alternatives.
A windfall tax is imposed by a government on a company to target firms that were fortunate enough to benefit from something they were not responsible for.
Energy firms are getting more money for their oil and gas than they were last year, partly because demand has increased as the world emerges from the Pandemic and more recently because of supply concerns due to Russia's invasion of Ukranian.
EU ministers estimate that they can raise 140 billion from the levies on non-gas electricity producers and suppliers.
The EU was asked to impose a price cap on gas by 15 member states.
A decision has not been made.
There is no mention of gas prices in the proposal that is currently on the table.
The majority of European countries support a maximum price for gas.
The Energy Profits Levy was introduced by the former Chancellor in the UK.
It was not applied to the profits of companies that generate electricity from sources other than nuclear or wind power.
All Rights Reserved © 2024
