Calls for windfall tax on energy companies intensify as Bord Gáis profits grow 74%

‘Obscene’ that customers are seeing crippling price increases amid huge rises in profits for utility companies, says Richard Boyd BarrettEstimates suggested the additional yield from a windfall tax could be in the region of €90 million, €108 million and €271 million respectively for a full year.

Sinn Féin finance spokesman Pearse Doherty said Bord Gáis Energy has brought in “massive” increases in the price of gas and electricity and households will “feel the pinch” more than ever before this autumn and winter.“We all know the war in Ukraine is driving up the price of fuel on top of the energy spike in the wholesale market last year.

Labour’s finance spokesman Ged Nash said the rise in profits for energy companies at a time when customers have been “slapped” with price hikes makes a persuasive case for a windfall tax.Last month Mr Nash tabled a Dáil question on how much the exchequer would yield if there was a new windfall profits tax on energy providers in scenarios where the tax rate on their profits was increased to 25 per cent; 27.5 per cent; or 50 per cent.

People Before Profit TD Richard Boyd Barrett said it is “absolutely obscene” that utility company customers are seeing “crippling” price increases at a time when there is a “staggering rise in profits being made”.“We need to put the need of people to have affordable heat and electricity ahead of the right of these companies to make super-profits,” the Dún Laoghaire TD said.

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