EU countries heading for deal this week on energy windfall profit levies, official says

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ENB Pub Note: This is another policy that will not work. Windfall profit taxes are an admission that the government’s policies failed. They will do nothing but make the problems worse. Windfall profit taxes have never worked and only make the problems worse. To lower the price, capital needs to be spent, not reduced.

BRUSSELS, Sept 29 (Reuters) – European Union countries are poised to approve a package of emergency measures including windfall profit levies on energy companies and a cut in electricity demand at a meeting of ministers on Friday, a senior EU official said.

“The ministers should hopefully adopt the regulation … I believe the member states have expressed rather broad support towards the text,” the official said, referring to the emergency measures proposed by the European Commission this month.

EU countries‘ ministers will also debate whether to cap gas prices, although no formal EU proposal for such a price cap is on the table yet, the official said.