ESB windfall profits
Deputy Bruton asked whether windfall tax measures and capping renewables were enough to address very large ESB profits. The Tánaiste said the Government had already taken an extra dividend and would soon bring legislation on a solidarity tax to recycle excessive profits.
This week, the ESB reported €650 million in profits with most of this coming from more than trebling of profits in its generation business. The ESB pays the Government a €327 million dividend but other companies in the generation business do not pay any such dividend. Does the Tánaiste feel measures such as a windfall tax and capping on renewables are adequate to address these very high profits that are being made in the industry?
Comment on this
The Government has taken an additional dividend from the ESB in respect of the significant profits it made on generation. The Minister will bring forward legislation in respect of the solidarity tax shortly and it will be adequate to release resources from excessive profits during the energy emergency of the past while to re-allocate to people requiring assistance.