Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank Deputy Ryan very much. I will address some of those points and the Minister for Finance, Deputy Donohoe, will respond to the Deputy as well.

In the course of our pre-budget discussions, we have met a wide range of stakeholders, including groups representing older people. We are two practising politicians who have been elected like Deputy Ryan and we are very much in touch with our constituents and the elderly members of our community. We very much appreciate that many of them are worried, especially about inflation, the cost of living, energy bills and so on. We have given a commitment to many of the Deputy's colleagues this evening that we will do the very best we can to support them. We will be making a contribution and helping them to get through this period in the best way we possibly can.

Deputy Ryan raised a number of issues relating to capping energy prices. It is a complex area but in Ireland we have many electricity providers who do not generate electricity. They purchase it on the wholesale markets and the price they pay is indeterminate. We do not know what price they will end up paying and if we put a cap on the price that they can charge the consumer, many of those businesses may well go bust and go out of business. We need to think through very carefully the consequences of the solutions that we are bringing forward because it seems to me that such a proposal does sign the taxpayer up to an unlimited liability for pledging to bridge that gap, whatever it may be, but it is undetermined what the amount will be.

We are working with our EU partners on a windfall tax. We expect movement in the coming weeks on excess revenues being earned by non-gas electricity generators. That is an issue which may well impact on those generating electricity through wind power. There may well be additional revenues for Ireland in that respect. There is also a proposal for a solidarity contribution from primary producers of fossil fuel. As I understand it, there is only one such provider in Ireland but, again, that may yield revenue for Ireland. We have given a commitment that any additional revenues that we receive from those sources will be used to help people and businesses over the period ahead.

On the specific issue of fuel allowance, it is - as with all other social welfare schemes - under consideration. It is being reviewed and we will make a final decision close to budget day.