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.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Renewed calls for windfall tax on energy companies in wake of Bord Gáis profitsThe Opposition parties have urged the Government to bring in a tax to help ease cost-of-living crisis And with 50% higher prices than the rest of Europe , it should be set at 90% And despite legislation being in place, they still have not released a FIT figure for micro renewables such as Solar PV. It would be great if we had a Green party member as minister of the environment..... We have more natural resources around our Island than most of Europe yet Irish people get Zero benefit from it unless Ur an Irish Politician . Norwegian People get a rebate For theirs while Irish people get the Shaft and Private Companies rake in Billions .Our Country is corrupt
Source: IrishTimes - 🏆 3. / 98 Read more »

Fisheries industry chief to take over as new head of Bord BiaJim O’Toole will take over as chief executive on November 1st IrishTimes Lanigans ball!!
Source: IrishTimes - 🏆 3. / 98 Read more »

New car market down 17.3% in July amid calls to retain supports for electric vehiclesDespite the downturn, sales of all-electric vehicles continue to grow. Good. We built our current system around these silly metal contraptions reliant on finite resources and the sooner we stop using them mass scale or think they're perfectly normal, the better. Reason new car market is down as cars can’t be delivered Such terrible reporting
Source: IrishTimes - 🏆 3. / 98 Read more »