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APsplainin EU chief wants to tap excess producer profits, 14 Sep *-English
A top European Union official unveiled a plan Wednesday to cap the revenue [dont-say-cost] of electricity producers [ENTSO-E operators?!] that are making extraordinary profits because of the effects [nth derivative] of Russia's war in Ukraine and climate change, saying the proposal could raise $140 billion [if enacted by EU27 parliaments] to help people hit by spiraling energy prices.
archived "Our sanctions don't affect ..."
"Russia keeps actively manipulating our [global?] energy [dont-say-fuel] market," European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. "So, this market is not functioning anymore."
O RLY? What is perfect competition?  inna HFT forward contract "environment"? Possibly, a (tight|loose|flex) PANDEMIC labor.market(workforce size)?
"These companies are making revenues they never accounted for, they never even dream[ed] of," von der Leyen said. "In these times, it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of consumers."
archived 1973-1974 "oil crisis" and anteKyoto Jimmy Carter freedom molecules
During her State of the European Union address to the EU assembly, attended by Olena Zelenska, wife of Ukrainian President Volodymyr Zelensk*, von der Leyen said company "profits must be shared [dont-say-tax] and channeled to those who need it the most.[dont-say-subsidy]"
Most of the money would come by setting a price cap [sic] on electricity produced through renewable energy sources and nuclear power ["inframarginal technology"] of 180 euros [DOWN from €200!] per megawatt hour, less than half the current price. EU countries would also collect a "solidarity contribution" [dont-say-tax] from oil, gas[,] and coal refineries [?!] earning 20% more [operating, EBITDA, or "net"?] profit than they averaged over the last three years.

With [EU] Russia [EMBARGO] tightening the natural gas ["Nordstrom"] taps, demand for gas and electricity also must be reduced, even if reserves of the fuel are on average 84% full across the EU. Capping [EU retail] prices [to subsidize EU "energy" trading] will not draw down use [O RLY?], so the European Commission also wants people HH rate-payers to consume less [so "energy intensive" industries can consume more], particularly during peak [1st shift] hours. ....

by Cat on Wed Sep 14th, 2022 at 07:05:21 PM EST
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