Darren O'Rourke (Meath East, Sinn Fein) | Oireachtas source

I welcome the motion and the specific proposals to introduce targeted price caps and a windfall tax, review the proposed revenues from non gas and electricity generators and leave the Energy Charter Treaty. Sinn Féin has advocated an energy price freeze for some months. It is welcome that the Social Democrats support that move. It would provide certainty and the maximum protection for consumers. Coupled with a windfall tax, it is the most effective way to tackle the disgusting profits and practices of big energy companies.

An energy price break has been introduced in several EU member states. Over the Christmas break, energy price caps for 2023 were introduced in Germany and the Netherlands, as well as in Austria, France, Luxembourg and Poland. The question of it undermining conservation could easily be addressed in a number of ways such as, for example, applying the price break only to average household electricity consumption or a household's consumption the previous year, as is the case in the design of the scheme in Germany.

The Government will not oppose the motion, but has no intention of introducing an energy price cap because, time and again, when push comes to shove and action is measured over spin, it will protect the profits of big energy companies. After all, it was the greatest opponent of energy windfall taxes despite the fact that Shell announced $40 billion in profit last year, the highest in 115 years. BP announced profits of $28 billion and Exxon Mobil profits of $56 billion. Closer to home, Vermilion, the operators of Corrib gas, made $102 million in one quarter. They are eye-watering figures. While hiking charges for ordinary customers Centrica, or Bord Gáis, said its earnings in 2022 will be eight times its 2021 earnings. Energia increased its profits by 50% in 2022. ESB made €390 million in the first six months of last year. This is simply obscene.

The Government opposed market reforms as a European level. When the EU toolbox provided for price caps and windfall taxes as far back as October 2020, the Government stood steadfast in opposition to it. In June 2022, the Minister, Deputy Eamon Ryan, said it was the wrong move. In August 2022, the Minister, Deputy Donohoe, said windfall taxes would undermine Irish energy independence. Such is the paucity of vision from Fianna Fáil, Fine Gael and the Green Party that they could not see that and act on behalf of ordinary consumers. Instead, they are eventually brought kicking and screaming when the European Union moves. That is a feature of every intervention the Government makes. It is the last one to move in the European Union. It will not lead; it will follow and resist positive proposals.

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