Simon Coveney (Cork South Central, Fine Gael)

I move:

That Dáil Éireann:

recognises that electricity generating companies in Ireland will make unearned windfall gains of approximately €1.6 billion, based on an average cost of carbon of €25 per tonne, in the years 2008 to 2012 arising from the free allocation of carbon allowances by the Government and the requirement by the electricity regulator to include the cost of carbon in electricity pricing; and

recognises that the Government to date has refused to claw back this money for the benefit of consumers, the economy or the environment;

in view of the ongoing deterioration in the economy calls on the Government:

to improve competitiveness, bring down inflation and help reduce poverty by cutting the lower rate of value added tax from 13.5% to 12.5%; and

to fund this tax cut by putting a levy on unearned windfall gains of electricity generators.

I wish to share my time with Deputies Bruton, Varadkar and O'Donnell, by agreement.

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