Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Energy companies and generators have been enjoying massive and unjustifiable profits as a result of the spike in gas prices, which has been brought on by the illegal invasion of Ukraine, or at least has contributed significantly towards it. This is also the result of a broken wholesale energy market that is inflating electricity prices and household bills. By paying electricity generators the cost of the final generator needed to balance demand, typically gas in this instance, lower cost electricity generators are enjoying windfall revenues. It is increasing the cost for suppliers and prices for households and businesses. My colleagues have been raising this with the Government since November 2021. The Minister for the Environment, Climate and Communications issued a joint statement opposing any changes to the operation of the wholesale electricity market at that time. The Minister for Finance himself has voiced on numerous occasions opposition to a tax being levied on electricity generators enjoying windfall profits over the past several months. Has the Minister changed his position on a windfall tax? I am referring to the position he outlined to the media and the Committee on Budgetary Oversight.

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