Dáil Éireann Debate, Tuesday - 26 May 2026
439. Deputy Barry Heneghan asked the Tánaiste and Minister for Finance if the Government supports the introduction of additional EU wide windfall taxes on oil and petroleum companies which have recorded significantly increased profits during the ongoing international energy crisis; if Ireland is participating in, or supporting, discussions at EU level on such measures; and if he will make a statement on the matter. [38964/26]
View answer440. Deputy Barry Heneghan asked the Tánaiste and Minister for Finance if his Department has assessed the extent to which increased profits among major oil and petroleum companies during the current energy crisis are contributing to higher consumer energy and fuel costs; if consideration is being given to additional windfall taxation measures to support households facing significant cost-of-living pressures; and if he will make a statement on the matter. [38965/26]
View answerI propose to take Questions Nos. 439 and 440 together.
The current energy market disruption and implications for long-term energy security, together with the imperatives of decarbonisation and increasing the production of renewable energy, are central to many discussions at Ministerial and official level in EU fora.
The European Commission’s AccelerateEU communication addresses the EU’s rising energy costs on volatile fossil fuel markets and aims to accelerate the clean energy transition and strengthen EU energy resilience. While the communication notes that Member States may take domestic measures with regard to windfall profits, no EU-wide approach has as yet been agreed.
As the Deputy may be aware, a Temporary Solidarity Contribution (TSC) was introduced in line with Council Regulation (EU) 2022/1854 of 6 October 2022 to tackle windfall gains being made in the energy sector at the time, following the commencement of war in Ukraine. The TSC formed part of a co-ordinated European response, reflecting the highly interconnected nature of EU energy markets and a view that an emergency intervention to mitigate the effects of high energy prices at the time could not be sufficiently achieved by Member States individually.
It continues to be the Government’s view that tackling the energy crisis in a coordinated way between EU Member States is preferable, given the interconnectedness of EU energy markets.
Ireland will continue to engage constructively with its EU partners, including during the forthcoming EU Presidency, to ensure any joint European response to these challenges is coordinated and effective.
The Government is conscious of the increased financial pressure on households and businesses arising from the ongoing conflict in the Middle East. In response, the Government has introduced temporary and targeted measures to reduce fuel prices for households and businesses, with additional supports for key sectors of the Irish economy.
Alongside this, work is ongoing through the National Energy Affordability Taskforce (NEAT) to support further measures to enhance energy affordability. NEAT was established in June 2025 to identify and implement measures to improve energy affordability for households and businesses, while delivering key renewable commitments and protecting security of supply and economic stability. Its first report was published in November. In response to current international energy crisis, further NEAT meetings have taken place, bringing together representatives from Government, the energy sector and the Commission for the Regulation of Utilities (CRU) to examine implications of the conflict for global energy markets; current supply and pricing across oil, gas and electricity in Ireland; customer support measures; and the European response.
The Minister for Climate, Energy and the Environment requested that the CRU undertake this independent review, building on the work of previous investigations by reviewing the competitiveness of Irish retail energy markets, examining supplier costs, including hedging and pricing practices, and providing comparative price analysis with other EU Member States. The Interim Review on Competition Assessment and Retail Price Drivers in the Energy Markets was published on the CRU website on the 12 May 2026. As part of this program of work, the CRU will deliver a number of reports, including a wider and more detailed review of competition in the retail energy market.
The ongoing conflict in the Middle East underlines – once again – why we must accelerate the deployment of renewables across all sectors. The best long-term approach for Ireland to insulate consumers from volatility on international wholesale energy markets is to invest in energy efficiency and renewable energy. Cutting our dependence on fossil fuels and generating power from our own renewable sources will ensure a cleaner, cheaper energy future in the long term.
