EU chief proposes 'deep and comprehensive' electricity market reform and revenue cap

European Commission president Ursula von der Leyen said: 'These companies are making revenues they never accounted for, they never even dreamt of'

European Commission president Ursula von der Leyen has laid out new measures to tackle the energy crisis. Picture: AP/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.