The EU approved a plan this past fall to redistribute some energy company profits and revenue in a bid to shield consumers from high energy prices. Read More...
BRUSSELS—Exxon Mobil Corp. XOM, -1.64% said Wednesday that it has filed a lawsuit against European Union authorities over the bloc’s decision to impose a windfall levy on energy companies’ high profits triggered by Russia’s invasion of Ukraine.
The EU approved a plan this past fall to redistribute some energy company profits and revenue in a bid to shield consumers from high energy prices. The plan sought to cap producers’ revenue from electricity generated by fuels other than natural gas and demanded that oil-and-gas companies hand over one third or more of money the EU considers to be excess profit.
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