The proposal was made in a joint letter by the finance ministers of Germany Finance Minister, Italy Finance Minister, Spain Finance Minister, Portugal Finance Minister and Austria Finance Minister, which was sent to the European Commission, News.Az reports, citing Reuters.
The ministers said energy companies benefiting from the current price surge should contribute more to ease the financial burden on households and governments, arguing that coordinated EU action would send a signal of unity and political resolve.
“It would also send a clear message that those who profit from the consequences of the war must do their part to ease the burden on the general public,” they wrote.
Oil and gas prices have risen sharply since the escalation of the U.S.-Israeli conflict with Iran, creating a shock comparable to Europe’s energy crisis following Russia’s invasion of Ukraine in 2022.
The ministers referenced earlier emergency measures introduced during that crisis, when the EU implemented temporary tools such as price caps and windfall profit taxes on energy firms to stabilize markets.
The latest proposal does not specify tax rates or target companies, but calls for a renewed EU-wide mechanism under a strong legal framework to address “market distortions” and fiscal constraints.
The European Commission has already signaled it is reviewing possible crisis-style interventions, including measures affecting electricity pricing, grid fees, and taxation policy.
Energy Commissioner Dan Jørgensen said Brussels remains particularly concerned about short-term supplies of refined fuels such as diesel and jet fuel, as volatility in global markets continues to affect Europe’s import-dependent energy system.
Gas prices in Europe have risen significantly since late February, reflecting heightened geopolitical risks and tighter global supply expectations.
Officials say further proposals could follow in the coming weeks as the EU seeks to balance energy security, inflation control, and climate transition goals.
