Von der Leyen: Plans for a High Gas Price Yield 140 Billion

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The measures proposed by the European Commission to compensate consumers for the high energy bills will generate more than 140 billion euros, European Commission President Ursula von der Leyen said in her speech at the European Parliament in Strasbourg.

She took a look at the proposals that will be unveiled on Wednesday afternoon by Vice-President Frans Timmermans and European Commissioner Kadri Simson (Energy).

“For more and more companies and households, making ends meet is a source of concern,” said von der Leyen. “It is wrong in these times of war to make record profits off the backs of consumers. Instead, the profits should be shared and channelled to the people who need them most.”

EU energy ministers will meet in Brussels for an emergency meeting on Friday to decide on the proposals. Unfortunately, some of these have already been leaked, meaning that energy companies’ surplus profits are skimmed off and paid out to citizens and companies.