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.