The European Union (EU) has been preparing to propose a plan that will define fossil fuel companies to take profits from gas prices and surging oil. This would ensure the submission of financial contributions to energy bills. 

The details of the draft proposal are expected to release this week by the European Commission. A Majority vote from the 27-member bloc would be needed to make it possible. 

The chances of the bill gaining approval are higher as the decision is based on a majority vote instead of a unanimous call. 

The bill, if approved, will have a minimum amount for a “solidarity contribution” from the fossil fuels companies. Each EU member state could not decrease the minimum amount, though can increase it. 

The proposal of mandatory power cuts around the bloc is also mentioned in the draft. This is to ensure the avoidance of an energy crisis.