The European Commission plans to raise more than $140 billion from energy companies to help protect households and businesses from soaring prices that threaten economic recession and insolvency, Reuters reports.

European gas and electricity prices have risen sharply this year as Russia has cut fuel exports in response to Western sanctions.

The European Central Bank's chief economist said higher prices remain the dominant driver of inflation in the eurozone.

European governments have responded with measures ranging from restricting consumer prices for electricity and gas to providing loans and guarantees to electricity suppliers facing collapse.

In separate steps to try to protect consumers from record high inflation, France has announced an extension of energy price caps until 2023, and Denmark wants to introduce a ceiling on electricity prices.

In Germany, Uniper, its biggest importer of Russian gas, said the government could buy a controlling stake to help it deal with the crisis, and a local utilities group warned of insolvency for energy companies.

The European Commission's proposal includes a cap on revenues from power producers who have benefited from higher prices but are not dependent on gas. It also includes measures to force fossil-fuel companies to share the windfall profits from energy sales.

National governments would be responsible for recouping excess revenues and redirecting them to measures that could include lowering energy bills or helping consumers invest in energy-saving measures such as home insulation.

The EU plan did not include the earlier idea of limiting prices for Russian gas after Russia warned that it could cut off all fuel supplies if imposed.

The EC said it is still examining price caps on Russian gas and is discussing the idea of broader restrictions on gas prices.

Europe's benchmark gas price has risen to about 208 euros per megawatt hour, well below August's record above 343 euros, but more than 200 percent higher than a year ago.