The European Commission will carve out the profits of Europe’s clean energy firms, as part of long-awaited plans that aims to offset the skyrocketing energy prices for its citizens. The windfall tax, as presented on Wednesday, will apply to the ‘surplus’ profits of low-carbon energy companies. With fears of supply shortfalls this winter, following Russia’s invasion of Ukraine, many of these companies have benefited excessively as wholesale gas prices have soared and driven profit margins for retail electricity to record levels. Under EU energy regulations, the price of electricity to consumers is dictated by the cost of the most expensive fuel, allowing greater profits for those generating electricity at a lower cost. Even prior to the current energy crisis, gas-fired…