The European Union’s executive outlined plans on Wednesday to raise more than $140 billion from energy firms to help shield households and businesses from soaring prices that threaten economic recession and insolvencies. European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine, leaving many struggling to pay bills and utilities grappling with a liquidity crunch. The European Central Bank’s chief economist said these higher prices remain a “dominant driving force of inflation” in the euro zone. European governments have responded with measures ranging from capping consumer electricity and gas prices to offering credit and guarantees to power providers at risk of collapse. “EU Member States have already invested billions of euros to assist vulnerable households. But we know this will not be enough,” European Commission President Ursula von der Leyen told the European Parliament.

Russia's war in Ukraine and the worsening energy crisis were recurring themes in the address, giving the special occasion a markedly sombre undertone.

"As we look around at the state of the world today, it can often feel like there is a fading away of what once seemed so permanent," she said.

However, von der Leyen also injected doses of optimism and made a passionate case for a stronger and closer union emerging from the overlapping crises.

"We will succeed – and that success will belong to every one of us," she noted, quoting the late Queen Elizabeth II.