Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

All four of the companies the Minister, Deputy Ryan, and I met have announced reductions in their prices. Since then, some other companies have announced competitive prices as well. However, the message from us to them was very clear. We do not think their prices are coming down enough. We want to see further reductions in the next billing cycle in the new year. They pointed out to us that there is not a direct link between wholesale prices and retail prices, and people understand why that is. The retail companies are not making substantial profits; it is the generators that are making the substantial profits. What are we going to do about it? There will be a temporary solidarity levy on fossil fuel producers and a windfall profit tax on the generators and we are taking special dividends from companies like ESB. We will be able to use that money to help families with the cost of energy during the winter period. The detail of that will be announced on budget day.

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