The European Union will propose measures to cap revenues from low-cost electricity generators and force fossil fuel firms to share the profits they make from soaring energy prices, European Commission President Ursula von der Leyen said on Wednesday. European governments have ploughed hundreds of billions of euros into tax cuts, handouts and subsidies to try to contain an energy crisis, fuelled by Russia’s invasion of Ukraine, that is driving up inflation, forcing industries to shut production and hiking bills ahead of winter. “In these times it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of our consumers. In these times, profits must be shared and channelled to those who need it most,” von der Leyen told the European Parliament in Strasbourg. She said the bloc was also discussing energy price caps and working to establish a […]