Earlier in the day, Simson announced that the European Commission would propose on Wednesday a number of measures in the energy sector, including setting a mandatory peak-hour electricity consumption target, revenue caps for low-cost electricity companies, and contributions from oil, gas and coal companies.
“Our plan will enable Member States to raise & redirect revenues to those in need in this difficult time,” Simson tweeted.
EU residents, especially the most vulnerable, as well as businesses and industries are struggling to make ends meet because of high energy costs, Simson added.
The start of hostilities in Ukraine in February exacerbated the energy crisis unfolding in Europe over the past year. Disruptions in logistical and financial operations due to the crisis and Western sanctions against Russia have undermined supply chains and led to a spike in energy prices worldwide, pushing many European governments to resort to contingency measures.