The EU’s renewables and wider energy sector has largely rejected a proposal by European Commission president Ursula von der Leyen to create a cap on revenues from power generation, in particular that from wind and solar plants, ahead of an emergency meeting of EU energy ministers tomorrow (Friday).

Von der Leyen had suggested that revenues above a certain threshold should be used to subsidise low income households and vulnerable companies struggling with “astronomic electricity prices.”

The commission didn't detail where prices should be capped, but the dpa newswire and other media said the upper price limit could be set at €200 ($202) per megawatt hour of electricity produced, citing a legislative proposal circulating in Brussels.