The European Commission has presented more detailed proposals to shield consumers from the adverse effects of spiking energy prices, including a €180 ($179.80) per megawatt hour cap on power price revenues of renewables, nuclear and lignite power producers and a ‘solidarity contribution’ from the oil & gas sector.

The revenue cap and solidarity contribution together would be able to raise more than €140bn ($139.85bn) for EU member states to cushion households and businesses from sky-high prices in the wake of Russian curtailment, European Commission President Ursula von der Leyen said, making clear who caused the current energy crisis.