Donnchadh Ó Laoghaire (Cork South Central, Sinn Fein) | Oireachtas source

I believe people have an inherent sense of fairness as we have seen with various issues. What is affecting this at the minute is conflict, war and multiple other things. That has undoubtedly been a significant factor in everything has happened with energy. When people see energy companies making very significant super profits that offends their sense of basic fairness. It is for that reason that we in Sinn Féin and other parties on the left advanced the case for a windfall tax when the big spike in energy prices took place accompanied by a big spike in profits.

We have undoubtedly seen huge pressures on workers, families and individuals right across the State because of what has been happening. Energy costs have doubled in the last two years with the average home now paying over €2,000 a year for electricity alone. Ireland has some of the highest energy prices in Europe. Workers and families are absolutely crippled by the strain. One in four gas customers are in arrears with the figure of 160,000 people, an increase of 20,000 compared with last year. It is no surprise that the number of people in energy poverty remains so high. It is in that context that we need very firm action on a windfall tax.

We will table a number of amendments on this Bill. The windfall tax needs to go further. It needs to increase the profits that would be considered taxable. The legislation needs to be more robust to ensure that avoidance is halted. We will also table an amendment to introduce clear guidelines on how the revenue should be spent to ensure the moneys raised reduce the price of electricity for households. It is the ordinary bill payers, the workers and families across the State - and in multiple other states as well - who are building up the profits of these energy companies. It is only right for the Government to claw back some of those super profits which should then be directed towards reducing the costs for those most in need. It is for that reason that we are tabling these amendments.

We would have introduced a windfall tax well over a year ago. This Bill is somewhat late and somewhat less ambitious than it should be. It is welcome that we are moving on this at all, but it should have been much more substantial. I hope the Minister of State will consider the Sinn Féin amendments to ensure that more profits can be taken into consideration.

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