Ursula von der Leyen proposes electricity market reform and revenue cap

'In our social market economy, profits are OK. But in these times it is wrong to receive extraordinary record revenues and profits benefiting from war and on the back of consumers.'

European Commission President Ursula von der Leyen gestures as she speaks on Ukraine at the European Parliament in Strasbourg, eastern France, Picture: AP Photo/Jean-Francois Badias

The European Commission President  has unveiled a plan to cap the revenues of electricity-producing companies that are making extraordinary profits thanks to the war in Ukraine and climate change.

Ursula von der Leyen told the European Parliament in Strasbourg that the proposal could raise €140bn to help people hit by spiralling energy prices.