Germany is ready to support the introduction by the EC of a limit on the income of energy companies

MOSCOW, 8 Sep — PRIME. Germany is ready to support the proposal of the EC to introduce a limit on the income of companies that produce electricity at low costs and receive excess profits due to high prices in the market. This was stated by the Vice-Chancellor – the head of the Ministry of Economy of Germany Robert Habek.

“Tomorrow there will be a council of economic ministers (EU countries) in Brussels, the proposals of the EC have been announced, it is clear how well Europe can work. They (the proposals) go in the same direction as we proposed. We are on the right track … We are touching the design of the market electricity, and we keep open the option that if this cannot be done immediately and solidly, we will take the excess profits by introducing a limit and return them to the citizens,” he said during a speech in the Bundestag.

The European Commission plans to propose the introduction of a revenue cap in the EU for companies that produce electricity at low cost and receive large incomes from high electricity prices in the market. The body will propose to redirect these “windfall profits” to support vulnerable consumers and businesses, EC President Ursula von der Leyen said earlier.

Earlier, the tabloid BILD reported, referring to an internal document of the German Ministry of Economics, that the government supports the proposals put forward by the European Commission on the issue of limiting energy prices and supporting consumers. The European Commission plans to discuss with EU countries on Friday a set of new measures it wants to propose to normalize the situation in the electricity market, including a price cap on gas imports from Russia and a mandatory reduction in electricity consumption during peak hours.