The Rural Independent Group of TDs, who spearheaded the implementation of an excess profit or solidarity tax on all Irish energy firms through an approved Dail motion in November, is now urging the government to safeguard the €600 million windfall profits and collect a €600 million dividend payment from the ESB. The group proposes utilizing these funds to provide another €600 energy credit to the 2.2 million households, including pay-as-you-go customers, who benefited under the initial plan.
In a fiery statement, Deputy Mattie Mc Grath, the leader of the group, called out the government owned ESB for making record profits in 2022 while households and families across the country have seen no reduction in their electricity bills. According to Deputy Mc Grath:
“The ESB’s operating profit of over €847 million is nothing short of outrageous, and the proposed dividend of €327 million to be paid by the company to the state is wholly insufficient.”
“I believe that the dividend payment should be at least €600 million. Furthermore, we argue that if the state were to combine the €600 million ESB dividend with a windfall tax mechanism of the same amount, it would provide the state with a total of €1.2 billion. This would enable over 2.2 million households, including pay-as-you-go customers, to receive another €600 electricity credit intervention in 2023, based on the Department of Environment’s analysis that each €200 energy credit costs approximately €400 million.”
“I wish to emphasis again that when our motion was approved by the Dail last November, it was made clear that any income from the new windfall tax and market revenue cap measures must go directly to help families pay their electricity bills. The government cannot use this new revenue to fill a black hole in the Department of Finance.”
“The proceeds from the cap on market revenues, windfall or solidarity tax, and an increased ESB dividend should be utilized to reduce electricity prices for consumers. As a result, I urge the Taoiseach and Minister Eamon Ryan to clarify if they plan to request a higher dividend from the ESB and guarantee that the total proceeds from the dividend, market revenue cap, and windfall tax will be utilized to establish a new electricity credit,” stated Deputy Mc Grath.
Tell us your thoughts in the Facebook post and share this with your friends.