EU governments, led by Germany, Spain, Portugal, Italy, Poland, and Austria, are urging the bloc to consider a Europe-wide windfall tax on energy profits, building on national measures already in place such as Portugal’s 33% levy for 2026.

The European Commission is forming a task force to evaluate a possible Europe-wide tax on excess profits of oil and gas companies in response to rising energy prices.

EU Finance Ministers authorized the Commission to study ways to tax extraordinary profits of energy firms to relieve price pressures on households and businesses, with Portugal among the six countries pushing for a European approach.

Officials warn that war-driven energy market shocks are keeping prices high, though winter supply is not expected to be immediately tight for consumers or industry.

There are discussions about temporary relief measures, including delaying methane emission regulations related to oil and gas imports as a cost-containment option.

Hoekstra stressed that any new measure must consider legal status and ongoing court cases related to the 2022 windfall scheme, as well as potential litigation.

The Commission must assess the 2022 tax's litigation implications as it drafts a new proposal.

Hoekstra highlighted that legal challenges from the 2022 decision are among the issues the Commission will address in framing and deploying a fresh measure.

Cyprus reports record-high fuel prices, with diesel topping €2.126 per litre, prompting calls for targeted support and heating-oil subsidies for residents in high-altitude areas.

Experts say lasting price reductions will require structural reforms, including deeper European electricity-system integration.

EU leaders in Brussels are preparing a two-day summit to discuss targeted, temporary energy relief measures for households and businesses amid soaring costs.

The EU previously imposed a windfall levy in 2022 on oil, gas, coal, and refining profits, raising about €29 billion, but it faced legal challenges from companies such as ExxonMobil.