EU expects to raise €140bn from windfall tax on energy firms

Fossil fuel extractors will be asked to hand back 33% of taxable surplus profits to cushion blow' of crisis

The EU expects to raise 140bn from windfall taxes on fossil fuel companies to cushion the blow" of the energy crisis.

The emergency levy will be placed on oil, gas and coal firms alongside a separate measure to cap revenues from renewable electricity generators at less than half of current market prices.