EC proposes to take superprofits of oil and gas companies

MOSCOW, 14 Sep — PRIME. The European Commission invited EU countries to collect the profits of oil and gas companies, which in 2022 exceeded the growth of 20% compared to the previous three years, follows from the release of the body.

“The Commission is also offering a temporary solidarity contribution for excess profits generated from activities in the oil, gas, coal and oil refining sectors,” the report said.

The EC clarified that the fees will affect companies whose profit in 2022 “exceeds a 20% increase compared to the average profit for the previous three years.” The funds will be collected by EU member states and redirected to vulnerable energy consumers.

This contribution “could generate around 25 billion euros in government revenue” from the excess profits of the respective companies for fiscal year 2022.

The release noted that the body also proposed introducing a “temporary cap on the revenues of ‘infra-margin’ electricity producers, namely lower-cost technologies such as renewables, nuclear and lignite.”

According to the European Commission, member countries will be able to raise up to 117 billion euros on an annual basis.