Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

In March, the European Commission issued a communication to all member states in addressing the energy crisis. Part of that, as the Minister of State may be aware, included the introduction of a windfall tax on energy producers and suppliers. This was echoed by the International Energy Agency, IEA, which warned that, given today's market design, high gas prices in Europe feed through to the wholesale energy markets in ways that can lead to windfall profits for companies. The IEA warned that current wholesale energy markets create the potential for profits that are well in excess of the cost related to operation and capital recovery. The agency estimated that under current conditions, this could lead to excess profits of up to €200 billion. We do not know exactly how this will translate in the Irish context, but we have had a glimpse with the ESB recording operating profits of €679 million. While the ESB is a semi-State body, other suppliers are not, with windfall profits likely to benefit their private shareholders.

Has the Minister considered the design of a windfall tax? Again, I repeat my question, and maybe the Minister of State might answer this one. What does he believe is an appropriate profit margin for energy companies at this time when households are suffering so much from high energy costs?

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