Legislation for windfall tax on private energy companies due in the coming weeks, Dáil hears
The Dublin Bay South TD said while wholesale electricity prices were falling, providers were refusing to pass that benefit on to families and households despite “record-breaking eye watering profits”.
“It’s nowhere near enough,” he said. “Wholesale prices are now coming down. I understand that there is a lag between wholesale prices coming down and retail prices for homeowners and businesses coming down. I get that, but it shouldn’t be too much of a lag. The Taoiseach said this wouldn’t just be about “polite encouragement” with a windfall tax that would be legislated for in the Dáil and the Seanad in the coming weeks.
“We have to work out the exact mechanisms around it, that’s what we intend to do. Also, we’ll be saying to State owned companies for example, that if you make hyper profits, we have the power to take some of it off you in the form of a special dividend and use that money to help people as well.”
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Redress legislation ‘inadvertently’ includes hundreds of thousands of married womenAmendments likely to restrict scope of proposed redress scheme
Read more »
Former Taoiseach Enda Kenny on road to recovery following cancer diagnosisThe former Fine Gael leader is expected to make a full recovery after recently undergoing an operation to remove cancer, and has been told he has an 'excellent prognosis'
Read more »
Former Taoiseach Enda Kenny diagnosed with cancer but expected to make full recoveryFormer Taoiseach Enda Kenny has been diagnosed with cancer but is expected to make a full recovery.
Read more »
Enda Kenny ‘well on the road to a full recovery’ following cancer operationFormer taoiseach underwent procedure to combat disease before Christmas but is now in ‘robust good health’
Read more »
Northern Ireland protocol deal: Windsor framework ‘workable and durable,’ Taoiseach saysSinn Féin welcomes protocol deal but DUP warns of ‘key issues of concern’
Read more »
Protocol agreement will be ‘uniquely favourable’ to NI, says TaoiseachEU in concessionary mood because of challenges facing Europe including war and energy crisis, claims Varadkar
Read more »