Fossil fuel firms may 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 as the cost of the West’s “energy war” with Russia took a growing toll. Energy prices and inflation have surged as Moscow slashed gas supplies in response to Western sanctions imposed over its actions in Ukraine, prompting France to tell consumers they would have to share some of the pain while Britain is among countries facing the threat of recession. 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. read more Oil, gas, coal and refining companies would have to make a financial contribution based on taxable surplus profits made in the 2022 fiscal year, according […]

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