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Ireland Could Get €2bn From EU-Wide Windfall Tax

Ireland could get up to €2 billion from a windfall tax on energy profits. EU Energy Ministers agreed...
Ben Finnegan
Ben Finnegan

12:24 PM - 30 Sep 2022



Ireland Could Get €2bn From EU...

News

Ireland Could Get €2bn From EU-Wide Windfall Tax

Ben Finnegan
Ben Finnegan

12:24 PM - 30 Sep 2022



Ireland could get up to €2 billion from a windfall tax on energy profits.

EU Energy Ministers agreed on a package in Brussels this morning to also include reductions in the use of energy.

At an extraordinary meeting of the EU energy council, this morning Ministers agreed to a windfall tax on the profits of energy companies.

The Government has opted to follow the EU model as it will allow them to tap into the profits of big companies across the continent who don't operate in Ireland.

Minister Eamon Ryan warned the money won't fix everything:

"We can't cushion the entire blow there will still be a higher cost, even if a large amount of these windfall gains are recycled - that still leaves a high price.

"We have to be energy efficient but we have to help our people too, and businesses."

EU leaders have also agreed on terms around trying to reduce energy demand in the bloc ahead of winter.

That's likely to include encouraging people to use less electricity at peak times and an overall reduction of five per cent for each member state.



Read more about

Cost Of Energy EU EU Council Eamon Ryan Energy European Commission European Union Inflation Windfall Tax

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