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Electricity Prices
A top European Union official unveiled on Wednesday a plan to cap the revenues of electricity producing companies that are making extraordinary profits due to the war in Ukraine and climate change, saying the proposal could raise USD 140 billion to help people hit by spiralling energy prices. These companies are making revenues they never accounted for, they never even dreamt of, European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. In our social market economy, profits are OK, they are good. But in these times it is wrong to receive extraordinary record revenues and profits benefitting from war and on the back of consumers. In these times, profits must be shared and channeled to those who need it the most, she said. Our proposal will raise more than 140 billion euros (USD 140 billion) for member states to cushion the blow directly, von der Leyen said in a State of the European Union address to the EU assembly. With winter approaching, the 27 E
British Prime Minister Liz Truss said Thursday that her government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left people and businesses across the UK facing a bleak winter. Truss told lawmakers in Parliament that the two-year energy price guarantee means average household bills will be no more than 2,500 pounds ($2,872) a year for heating and electricity. Bills had been due to rise to 3,500 pounds ($4,000) pounds a year from October, triple the cost of a year ago. Bills are skyrocketing because of Russia's invasion of Ukraine and the economic aftershocks of COVID-19 and Brexit. We are supporting this country through this winter and next and tackling the root causes of high prices so we are never in the same position again," Truss told lawmakers. Business and public institutions like hospitals and schools will also get support, but for six months rather than two years. The government says the cap will cut the UK's soaring ...
The cost of electricity in Delhi has increased with hike in power purchase adjustment cost (PPAC), imposed by discoms on consumers, by 4 per cent from mid June, official sources said on Sunday. A power department official said the hike was made by the power distribution companies (discoms) after approval by the Delhi Electricity Regulatory Commission(DERC) due to increase in prices of fuel like coal and gas. No immediate reaction of DERC was available. The PPAC is a surcharge to compensate the discoms for variations in the market-driven fuel costs. It is applied as a surcharge on total energy cost and fixed charge component of an electricity bill, officials said. "The PPAC in Delhi has been increased by 4 per cent from June 11, according to the approval of the DERC," said an official source. According to the Ministry of Power directions on November 9, 2021, every state regulatory commission (DERC in the case of Delhi) has to place a mechanism for automatic pass through of fuel and