The Taoiseach has committed that the Government, as an ESB shareholder, will use the company's dividend to alleviate the cost of energy for households and businesses.
According to the group's half year results, profit after tax and exceptional items came in at €390 million.Given the scale of the profits on the back of the energy crisis, he said the Government can look forward to a much higher dividend than it would have been prior to the crisis. He said this is in addition to the huge problems in the rest of Europe because of the issues around gas supply also brought about by the war and the economic pressures that are coming from it.
''We would use that money then to bring down costs for families and businesses and that is what we intend to do," Mr Varadkar said. "We're seeing billions being sucked out of the economy for that reason and that’s why I think if we stay within the parameters of what we’ve set out, an expansionary budget wouldn’t be inflationary."Earlier the EU Commissioner for Financial Services, Financial Stability and Capital Markets Union said a windfall tax on energy companies in Europe is an instrument that individual member states will have to implement themselves.
The commissioner also said that EU member states are being encouraged to target support for vulnerable families and businesses and that said fairness and equality need to be employed.
Even if the dividend was doubled, and then redistributed back to all domestic and commercial bill payers, how much would it work out at per head €100? More? Less?
Need to cut the wage and pension bill at ESB, it's massive, huge profits were / are covering this inefficiency, this would benefit consumers further if passed on.
The government is a 95% shareholder in ESB so that should be a substantial amount
As well as a tax on the massive profits?
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