The European Union is preparing to propose a plan that would force fossil fuel companies taking in windfall profits from surging oil and gas prices to submit financial contributions to offset soaring household energy bills, a draft document circulating around Brussels indicates. The European Commission is expected to release the details of the draft proposal this week, which would then require a majority vote from the 27-member bloc. The draft, seen by Reuters , is also said to include bailouts for power firms that are at risk of collapse amid an intensifying energy crisis. Funds to be required from fossil fuels companies are dubbed a “solidarity contribution” by the draft document, and would target oil, gas, coal and refining companies based on “taxable surplus profits made in the fiscal year 2022”. “The solidarity contributions are justified by the fact that such companies make unpredictable surplus profits,” the draft said, […]

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