The European Union on Wednesday announced plans for a windfall tax on electricity companies, hoping to raise funds to help households and businesses through a winter of runaway fuel bills.
European Commission President Ursula von der Leyen said producers of cheap renewable energy should be stripped of “revenues they never calculated with … revenues they never dreamt of”.
She said the high gas price caused by Russian cuts was pushing up the market rate for electricity, generating excess profits in coal, nuclear, wind and solar generation despite producers being less affected by the increase in gas costs.
Oil and gas companies will separately be asked to make a “solidarity contribution” to help cover the costs of supporting consumers and building up more clean energy capacity at home.
“It is now time for consumers to benefit from the low costs of low-carbon sources,” said Ms von der Leyen, who has spoken of wanting to decouple the gas price from the going rate for electricity.
The commission is proposing that the EU should step up its efforts to save energy this winter, by bringing in mandatory targets to reduce electricity use at peak times.
“We have to save electricity, but we have to save it in a smart way,” Ms von der Leyen said.
The proposed package includes a price cap on Russian gas intended to cut the Kremlin’s revenues as it continues to wage war in Ukraine.
The suggestion comes days after G7 countries agreed to engineer a price cap on Russian oil by denying shipping insurance and other services to cargoes that flout the limit.
A cap on pipeline gas would function more simply, with EU countries simply naming their price and telling Russia to take it or leave it.
Energy ministers from the EU’s 27 member states, who would have to approve Ms von der Leyen’s proposals by majority vote, will discuss the proposals at an emergency summit in Brussels on Friday.
Russian President Vladimir Putin used a speech on Wednesday to blame western sanctions for the energy crisis and threatened to cut off all remaining gas supplies if Europe attempts to cap the price.
But German Chancellor Olaf Scholz took a more upbeat tone, saying Europe’s biggest economy was increasingly well placed for winter after storage tanks filled up to a healthy 87 per cent, ahead of schedule for the autumn.
“Don’t underestimate our country. Don’t underestimate the people of this country,” said Mr Scholz in an unusually combative speech to parliament.
Austria became the latest country to announce a domestic price cap on Wednesday, with households to be shielded from higher costs for 80 per cent of their typical energy use ― an incentive to use less.
The energy-saving measures come on top of an EU-wide target agreed in July of reducing gas consumption by 15 per cent, although a number of countries negotiated exemptions.
“We cannot magic away inflation, but we can counteract it in a targeted way,” said Austrian Vice Chancellor Werner Kogler.
Britain’s new Prime Minister Liz Truss said in her first encounter with MPs that she opposed a windfall tax but would announce new measures on Thursday to tackle the cost-of-living crisis.
MPs expect her to freeze energy bills that would otherwise rise by 80 per cent from October, but there are doubts over how the freeze would be paid for if Ms Truss is unwilling to tax excess profits.
“I believe it is the wrong thing to be putting companies off investing in the United Kingdom just when we need to be growing the economy,” she told the House of Commons.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
States of Passion by Nihad Sirees,
Pushkin Press
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
