RGDATA welcomes Taoiseach’s confirmation a tax on energy company profits is being considered

“Taxes on windfall profits should also be considered for the insurance companies that are not lowering premiums,” said RGDATA director general Tara Buckley

Association had urged the Taoiseach to take an all of government approach to dealing with soaring energy costs

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Taoiseach Micheál Martin has said the government is looking at the introduction of a windfall tax for power supply companies as one of four specific measures to address the “alarming” increase in energy prices.

The news has been welcomed by retailers’ association RGDATA, which had urged the Taoiseach to take an all of government approach to dealing with soaring energy costs.

“Taxes on windfall profits should also be considered for the insurance companies that are not lowering premiums despite the implementation of numerous reforms to bring down the number and cost of claims,” said RGDATA director general Tara Buckley.

Mr Martin confirmed that a windfall tax levied on the profits of energy utilities is a live option for the government, and added that “various Ministers are working on that issue”, The Irish Times reported.

Other measures being considered by goverment include a new information campaign to encourage households to reduce their energy consumption in the face of soaring prices, as well as a new energy security strategy to ensure there is continuity of supply when crises and disruptive events – such as Ukraine invasion – arise.

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