EU chief proposes electricity market reform, revenue cap

By LORNE COOK and SAMUEL PETREQUIN

BRUSSELS (AP) — European Commission President Ursula von der Leyen wants to cap the revenues of electricity producing companies that are making extraordinary profits due to the war in Ukraine and climate change. She says the proposal could raise $140 billion to help people in the European Union hit by spiraling energy prices. Von der Leyen says “it is wrong to receive extraordinary record revenues and profits benefitting from war and on the back of consumers.” She also said Wednesday that a “deep and comprehensive reform of the electricity market” is required as high prices hit households and businesses. The reform would reduce the way natural gas influences electricity prices.