Countries in the European Union should mandate a 5% reduction in electricity consumption during the busiest hours. On Wednesday, the European Commission proposed this as part of a crisis package aimed at mitigating the impact of high energy prices. The commission recommended a one-tenth reduction in total electricity demand by the end of March next year. The Union Energy Ministers will discuss a range of proposals at an extraordinary meeting on September 30th.

The European Commission is also proposing to limit the revenues of non-gas-based electricity producers enjoying unprecedented profits amid record price increases, said Ursula Von of the European Commission. Chairman Der Leyen made the announcement on Wednesday.

According to her, the crisis response will bring in €140 billion (more than 3.43 trillion crowns) to EU member states, which can be used to help consumers threatened by expensive energy. Fees collected from fossil fuel producers also contribute to the aid, she added.

The Commission finalized its proposals five days after an extraordinary meeting of energy ministers. Ministers called on EU officials to quickly prepare concrete measures to limit the impact of high prices on residents and businesses. Within its framework, the European Commission wants to set a maximum revenue of €180 per MWh for electricity produced from solar, wind, nuclear, lignite or biomass. All money above this price can be used for state relief measures.

Member States should also be helped by the possibility of withdrawing 33% of this year’s excess taxable income to oil companies and other fossil fuel producers. This is related to profit this year, which is 20% above the average profit of the last three years.

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