TBESS underspend for business
Louise O’Reilly urged that underspent TBESS money be redirected to struggling businesses rather than return to the Exchequer. The Taoiseach said a new €250 million cost-of-business scheme is planned for next year, funded at double TBESS’s drawdown.
The temporary business energy support scheme, TBESS, only expended €150 million of its €1.3 billion budget. Businesses had hoped the underspend in TBESS money would be reprofiled and redistributed to help with the cost-of-doing-business crisis instead of reverting to the Exchequer. As insolvencies are up 38% across the first three quarters of the year and businesses are struggling with energy bill arrears, will the Government give a commitment that some or all of the €1.1 billion underspend in TBESS will be provided to struggling businesses and SMEs, and family businesses in particular?
Comment on this
I can and I will. A sum of €250 million has been set aside in the budget for a cost-of-business scheme which the Minister, Deputy Coveney, is developing. That is double the amount that was drawn down from TBESS. We thought there would be a bigger drawdown from TBESS but it appears that energy bills did not go up as much as we thought they would. Many people had fixed prices and other prices which helped them. This scheme will next year provide businesses with twice as much as TBESS did.