The EU plans to launch a deep and comprehensive reform of its electricity market, a reform that will likely be funded by a windfall tax on oil and gas companies. The UK has already introduced a windfall tax on oil and gas companies, although Lizz Truss has since said that she is against it and has ruled out using further windfall taxes. Pressure on President Biden will be mounting to implement something similar, although he has resisted so far and there is plenty of resistance to such a move in the U.S. As the European Union introduces an extensive windfall tax, the region is putting pressure on other parts of the world to do the same. The U.K. may have already taxed oil and gas companies to subsidize rising consumer energy bills, but the E.U. is going one step further by planning a total overhaul of the energy market. […]

Posted in: EU