EU set to adopt windfall levy, but no deal on gas price cap

By SAMUEL PETREQUIN and LORNE COOK
Associated Press

BRUSSELS (AP) — Energy ministers from the 27 European Union countries are poised Friday to adopt a set of measures aimed at mitigating the impact of the energy crisis. But they will also lock horns over the possible introduction of a price cap on wholesale gas imports. The package includes a windfall levy on fossil fuel firms, a temporary cap on the revenues of low-cost electricity generators, as well as an obligation for the 27 EU countries to reduce electricity consumption during peak price hours. With energy prices skyrocketing across Europe, EU members have been negotiating proposals from the European Commission that the bloc’s executive arm said could help raise $140 billion to help people and businesses hit by the crunch.