The German government is to impose a windfall tax on electricity producers and use the proceeds to finance a new €65bn package of relief measures to soften the blow of soaring inflation and higher energy bills.
The new package brings the total cost of the aid measures Germany has enacted since Russia invaded Ukraine in February to €95bn — one of the largest support programmes in the developed world.
Speaking in Berlin on Sunday, German chancellor Olaf Scholz said the government would impose a cap on the profits of energy producers who generate electricity from wind, solar, biomass, coal and nuclear energy rather than gas.
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