European Commission aims to raise $140 billion to combat energy crisis

The European Commission has outlined plans to raise more than 140 billion euros ($140 billion) to tackle the energy crisis, which has raised the prospect of fuel rationing during the winter season, bankruptcy of companies and the region’s entry into an economic recession.

“EU member states have already invested billions of euros to help vulnerable families…but we know that this will not be enough,” European Commission President Ursula von der Leyen said in a speech to the European Parliament on Wednesday.

The Commission has unveiled plans to limit revenue for electricity companies that have benefited from higher energy prices but are not dependent on costly gas, and has outlined plans to force fossil fuel companies to pay a tax on windfall profits from energy sales.