Catherine Murphy (Kildare North, Social Democrats) | Oireachtas source

Last year, the six largest western oil companies made more money than in any year in the history of that industry. A combined €204.24 billion in profits meant last year was a fantastic year for the shareholders of BP, Chevron, Equinor, ExxonMobil, Shell and TotalEnergies. The shareholders received €102.6 billion in dividends last year. In the midst of a war in Ukraine and an energy crisis across Europe, which has left families cold and in a panic about how they will pay bills, those profits are not only obscene; they are a blatant example of war profiteering.

In the first half of last year, the ESB made a profit of €390.3 million. When it was asked why its costs were not dropping alongside wholesale prices, a spokesperson stated that there was a lag of 18 to 24 months before consumers would see the rates reduced because suppliers hedge the costs for the upcoming year. When wholesale prices go down, there is a lag. However, when wholesale prices go up, Electric Ireland is very quick to act. In fact, the company increased rates three times last year, in May, August and October. There were further profits of €560 million last year for the Corrib gas fields and €677.87 million for Bord Gáis Energy, the profits of which are expected to triple this year to €2.04 billion.

All of those profits have human faces behind them. These are the faces of families across the country who are being stretched beyond their limits to keep up with spiralling energy costs. Upwards of 40% of households in this country are in fuel poverty and that figure was produced before the winter utility bills were considered. The number of people applying for once-off, urgent and exceptional needs payments has increased by 75%. As we have already heard, consultants in the Mater Hospital are warning of older people developing hypothermia. Nearly 140,000 households across Ireland are behind on their gas bills before the January bills have even come in. There has been a 30% increase in registered vulnerable customers and the financially vulnerable are not included in this. Barnardos has reported that one in three parents skipped meals or reduced portion sizes last year so that their children would have enough to eat. One in ten families is using food banks.

Huge energy costs are also heavily impacting businesses, 44% of which are predicting a downturn in profits within the next 12 months. An overwhelming majority of businesses, some 69%, are worried about energy costs, a figure which is the third highest globally.

It is absolutely unacceptable that these energy companies are permitted to rake in these profits, doing untold damage to the environment as they go, at the expense of the citizens of this country. Windfall taxes urgently need to be introduced for them to be effective. Can the Minister give us a definite timeline on that? The European Energy Charter Treaty needs to be scrapped. As long as it remains in place, with this Government's support, fossil fuel companies will block any measures to limit their profits. ExxonMobil helpfully illustrated the imminent danger of the Energy Charter Treaty by initiating proceedings against the EU in December to attempt to prevent the introduction of windfall taxes across the block. That gives us a very good example of the kind of thing we have been talking about in a more general way in relation to investor courts. It is slightly different but it is really in the same family of things. It shows the kind of might that corporations have against democratic institutions. This Government needs to take a stand by withdrawing from the treaty, with immediate effect, and by stating clearly that we refuse to be held to ransom by unethical, greedy and energy companies that are profiteering.

We saw something yesterday on the news about people's greater level of acceptance of onshore energy and wind farms. People are accepting of this because they can see that we need energy security and they are also accepting in relation to price. We have to see that price reflected in their bills. We are not seeing that and we need to see it as a matter of urgency.

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