Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

First of all, I agree with the Deputy in her analysis. It is going to be a difficult winter, but it is our responsibility to do everything we possibly can to reduce the pressures on households in respect of energy costs, and also to protect jobs in society. I appreciate the fact that the Deputy is clear about the need to work through the European framework in terms of carbon tax or a mechanism to take the windfall gains made by energy companies, and particularly non-gas generation, which is getting a revenue that it would never have dreamt of because of this crisis. As the President of the Commission said this morning, it is not fair that companies would make exorbitant profits on the back of a war and a people, in the exploitation of a crisis. That is why we are supportive of EU measures to intervene so that those windfall revenues would accrue to the State and to member states. The precise mechanism is still being worked out at EU level. There was a meeting last week of the EU energy ministers, and the Minister for the Environment, Climate and Communications was there. The Commission is due to publish a proposal this week to include measures aimed at addressing windfall gains by non-gas generation and the electricity sector, and in fossil fuel extraction and production. These proposals will raise additional revenues which will be used to reduce the cost of energy for society. They may not come immediately, but they will be an important stream of revenue in terms of the duration of this crisis. We have a surplus to the end of the year. We will use that as effectively and efficiently as we can to alleviate pressures on people, but we also need a more ongoing revenue stream to deal with perhaps a prolongation of this crisis, which we do not want to see. The EU is keen to do everything it can to try to stabilise and reform the market, but that will take a bit longer.

I do not disagree with the Deputy at all on the need to make sure that those exorbitant revenues and the type of extraordinary increases that companies have benefited from are dealt with. The Sinn Féin leader criticised the Government for wanting to go through the EU framework on this matter. We are members of the EU. We believe we should work through the EU on matters of this kind. Sinn Féin may have a different view on being a member of the EU. That is its prerogative. I take the Deputy's point. This is complex stuff. The Deputy mentioned the UK. The UK had a 95% offset for investment, so how real was that tax?

The European Union is focusing on the excessive revenue being generated, which cannot be justified or maintained, and we are supportive of that. More broadly and as I said earlier, we need to help people as best we can across the different areas, from education to childcare and the cost of energy, including electricity.

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