Tipperary TD condemns country's energy companies over 'profiteering' with high prices

Tipperary TD Alan Kelly has condemned the high cost of energy in Ireland.

“The cost of energy is out of control. Energy companies have not passed on the lower wholesale prices of energy to retail consumers, and this is putting a huge strain on families across the country. The war in Ukraine is one of the factors driving up the cost of energy, but that the profiteering of energy companies is also to blame."

The Labour Party TD said that according to figures published by CSO, wholesale electricity prices have now reached their lowest point in two years after falling by 64% in the 12 months to July. Yet the decline had not benefited hard-pressed families.

“It is more than 18 months since Labour brought a motion to Dáil Éireann calling for a windfall tax on the profits of energy companies, back in January 2022. It’s beyond time that we tax the enormous profits of energy companies and funnel that money back into the economy for the benefit of those who need it most.

“During the 18 months since we called for the introduction of a windfall tax, Ireland and the EU have missed a whole year’s opportunity to recoup money from the profits of fossil fuel companies, to help with the essential move to a green economy, and to ease the immense burden of the cost of living for so many households and families.

"The big energy companies are making huge profits at the expense of ordinary people. This is unacceptable, and the Government needs to take action to regulate the market and ensure that consumers are not being ripped off," he said.