Redistribution of Profits/Taxation of EU Fossil Fuel Companies

Statement on Energy by President von der Leyen issued on September 7^th, 2022:

“Oil and gas companies have also made massive profits. Therefore, we will propose that there is a solidarity contribution for fossil fuel companies. Because all energy sources must help to overcome this crisis. Member States should invest these revenues to, as I said, support vulnerable households and vulnerable companies, but also to invest them in clean home-grown energy sources, as the renewables are, for example”.

Links to EU regulations/statements and news stories on redistribution of profits and taxation of EU Fossil Fuel Companies

---

January 2023:

• Shell Unfazed As Exxon Sues Over EU Excess Profits Tax - Law360

December 2022:

• Exxon tries to block new EU windfall tax on oil companies | Euronews
• Factbox: Windfall tax mechanisms on energy companies across Europe | Reuters

November 2022:

• Windfall taxes: good politics, tricky policy | Financial Times (ft.com)

October 2022:

• Dutch Gov’t Floats Retroactive Fossil Fuel Windfall Tax Of 33% - Law360

September 2022: 

• Statements by Estonia, Latvia, Poland, Croatia, Slovenia and Hungary on fiscal nature of the solidarity contribution
• EU windfall tax would cost TotalEnergies more than 1 billion euros - CEO | Reuters
• EU reveals plan to pass profits from fossil fuels on ’to those who need it most’ | Euronews
• How the EU intends to collect “windfall profits” from energy firms | The Economist
• Emergency intervention to address high energy prices (europa.eu)
• EU plans to make fossil fuel firms share excess profits, draft shows | Reuters
• EU plans to make fossil fuel firms share excess profits, draft shows | Nasdaq
• Extraordinary Energy Council of 9 September 2022 (europa.eu)
• EU to claw back energy firms’ profits rather than cap Russian gas price | Financial Post