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Dáil
‹ An tOrd Gnó - Order of Business

ESB profits and energy prices

Summary

Peadar Tóibín argued that Ireland's energy costs are crippling families and asked whether the ESB should be forced to reduce profits during the crisis. The Taoiseach said the Government had already provided supports and could consider taking dividends from the ESB.

Ireland is the most expensive country in Europe for electricity. A total of 320,000 families are currently in energy arrears. Energy is not a luxury good; it is a staple. People have no alternative but to use energy, and reports have shown today that already, the increases in energy costs have taken about €2,000 out of people's pockets so far this year and that is going to get worse because it is forecast that electricity prices are going to increase.

Last year, ESB made €636 million in profits. It is a semi-State organisation that operates under the policy guidance of the Government. How is it acceptable that the ESB would make supranormal profits at a time of energy crisis for people? The ESB is making €300 in profit per family in this country. If we break it down to those people in arrears, the ESB levied €96 million worth of profits on the third of a million people who are in energy arrears in this country.

How is that acceptable?

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Verona Murphy An Ceann Comhairle Independent

I thank the Deputy.

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Will the Taoiseach mandate the ESB to reduce the level of profit during the energy crisis?

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Verona Murphy An Ceann Comhairle Independent

The Deputy's time is up. The Taoiseach will respond. It is pointless talking over me; the Deputy needs to prepare in time.

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First, as I discussed earlier, the Government did take measures in the budget to try to protect people from increasing prices. If we look at the core payments alone in social protection, the increase in core payments, child support payments and the fuel allowance, we are looking at about €2,300 additionally provided out of the budget to a two-adult household, or indeed €1,800 to a lone-parent family. People are definitely, without question, under pressure and we are going to do everything we can to try to continue, as we did in the recent package two weeks ago, which is on top of the budge, to alleviate pressure in terms of fuel costs, including diesel and petrol-----

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What about the profits of the ESB?

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-----and for agriculture, fishers and farmers.

In terms of the ESB, it obviously continues to invest in our energy system and so on but we will see what we can do. We can take back a dividend from the ESB and so on. It is open to Government to do that.

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