EU chief proposes energy market reform, $140bn revenue cap

Ursula von der Leyen, the president of the European Commission, has unveiled a legislative proposal to impose windfall levies worth $140bn on energy companies, in a bid to lessen the effects of surging gas and electricity prices that threaten economies and households this winter.

In her State of the European Union speech addressing the plenary session of the European Parliament in Strasbourg, von der Leyen outlined a structural reform of the European energy market that has been under serious strain following Russia’s invasion of Ukraine.

Al Jazeera’s Dominic Kane reports from Berlin.

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