EU agrees windfall tax on energy firms

The European Union has agreed to impose emergency measures to charge energy firms on their record profits, reports citing BBC.

Ministers have agreed windfall taxes on certain energy companies as well as mandatory cuts in electricity use.

The plan includes a levy on fossil fuel firms' surplus profits and a levy on excess revenues made from surging electricity costs.

The cash raised is expected to go to families and businesses.

But the bloc is divided on whether and how to cap the wholesale price of gas.

It comes as Europe braces itself for a difficult winter due to the cost of living crisis and squeeze on global energy supplies.

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