Finland proposes 30% windfall tax on power companies

STOCKHOLM - The Finnish government said on Thursday it had proposed a temporary windfall tax on profits from the country's electricity companies as part of a European Union response to soaring power costs.

The proposed 30% tax would apply to profits exceeding a 10% return on capital in 2023 and could bring in between 500 million and 1.3 billion euros ($533 million-$1.9 billion), the government said.

Finnish utility Fortum, which produces around one third of the country's power, said in a separate statement it would closely study the plan.

($1 = 0.9387 euros)