Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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48. To ask the Minister for Enterprise, Trade and Employment if he will provide an update on the supports available to businesses with the rising cost of energy in running a business. [53720/22]

Niamh Smyth (Cavan-Monaghan, Fianna Fail)
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49. To ask the Minister for Enterprise, Trade and Employment if he will review correspondence (details supplied) regarding rising electricity prices and the impact that this is having on businesses; his plans on this issue; and if he will make a statement on the matter. [53729/22]

Damien English (Meath West, Fine Gael)
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I propose to take Questions Nos. 48 and 49 together.

I would like to thank the Deputy for raising this matter and I wish to reassure you that this Government is very aware of the difficulties that businesses are facing now due the current energy crisis.

Businesses now require help with their energy bills and that is why a significant package to help businesses with escalating energy costs and to plan for the future was announced in Budget 2023.

The Temporary Business Energy Support Scheme, which will be operated by Revenue, is designed to support eligible businesses that have experienced a significant increase in their electricity and/or natural gas costs. Qualifying businesses are entitled to claim a Temporary Energy Payment amounting to 40 per cent of its eligible cost. A monthly cap of €10,000 per trade or profession will be applied, which may increase up to a maximum of €30,000.

The new €200m Ukraine Enterprise Crisis Scheme will operate under two streams and will provide a minimum of €20,000 up to €500,000 per firm to ensure there is sufficient liquidity available in the markets, thereby addressing additional costs for firms. For energy intensive companies impacted by the exceptionally severe increases a minimum of €20,000 up to €2 million will be available per firm.

Also the reduced rate of VAT on gas and electricity from 13.5% to 9% has been extended until the 28th February 2023.

The Government is also introducing a €1.2 billion State-backed Ukraine Credit Guarantee Scheme to assist the wider business sector with liquidity and to invest in energy efficiency and a new State-backed Growth and Sustainability Loan Scheme (‘GSLS’) will be launched next year.

Further information of the schemes can be found on my Department’s website.

This is an evolving situation, and the Government will keep the energy situation under review to ensure a targeted response for the business community.