Oireachtas Joint and Select Committees

Tuesday, 18 April 2023

Joint Oireachtas Committee on Climate Action

Pre-Legislative Scrutiny of the General Scheme of the Energy (Windfall Gains in the Energy Sector) Bill 2023

Photo of Alice-Mary HigginsAlice-Mary Higgins (Independent)
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To refer again to what is reported in the newspapers, Irving Oil was referenced in that context. Irving Oil is interesting because there are articles from New Brunswick and Bermuda about its successful tax management measures. It pays quite a small amount of tax in those locations. In that context they also increased their registered losses by eight times in 2022, despite high revenue. I am concerned that 10% to 15% would be an underestimate in terms of difference. It would be useful to get the figures when monitoring this, so that we are monitoring how much is lost by allowing the write-off of capital expenditure. This is not a small company. It is a large, successful and profitable company, as are some of the others. We have seen shareholder dividends from some of the other major players that will be affected, such as Equinor and others, which have continued to make significant profits. We have heard about the stakeholders a lot. However, the list of stakeholders seems to be all of those with a financial interest, specifically on the company side. IBEC is also mentioned. The stakeholders that seem to be missing make up the second half of the equation, namely, who this entire measure is meant to be about helping - households, citizens and small businesses. It is meant to be a measure to ensure it is a solidarity contribution. Those impacted by the decisions to have €120 instead of €90 as the price cap are those impacted by the decision to allow a potential reduction in the amount of solidarity contribution. Those are the ones experiencing the emergency, which is the premise for the entire legislative proposal.