In this update, we summarise the EU Commission’s emergency intervention to address high energy prices. Member States will be required to reduce overall electricity consumption by at least 5% during selected peak price hours. ‘Inframarginal’ electricity producers will be subject to a temporary revenue cap and fossil fuel companies will face a one-off ‘solidarity contribution’ on excess taxable profits. The proceeds will be redistributed to mitigate the effects of higher energy bills, including by financing measures to reduce energy consumption, and to encourage green investment. Parties should assess the impact of the measures on existing contractual obligations, and consider whether force majeure, material adverse change or hardship provisions may apply.