Richard Boyd Barrett calls for tax on energy company profits
Richard Boyd Barrett told the Dáil that his party supports the Social Democrats’ motion on energy costs but wants a higher windfall tax on energy company profits. He said taxing 50% of those profits and charging data centres household electricity rates could raise about €2.5 billion to help people facing energy poverty this winter.
Boyd Barrett argued that a 50% tax on energy company profits could raise €1.1 billion, with a further levy on data centres bringing the total to about €2.5 billion. He said the money could help reduce energy hardship and the cost of electricity for ordinary people.
He cited people in arrears and older people and students struggling to heat their homes. He also referred to an estimate that between 1,500 and 2,800 mostly elderly and vulnerable people could die this winter because of energy poverty.
Boyd Barrett pointed to reported profits at SSE, Energia Group and ESB, and to a planned €90,000 increase in the ESB chief executive’s salary. He argued that government priorities should shift towards protecting households from energy costs rather than prioritising energy company profits and executive salaries.
He called for taxes on energy companies and support to help people control the cost of electricity and energy.
Windfall tax and data centre levy
Boyd Barrett argued that a 50% tax on energy company profits could raise €1.1 billion, with a further levy on data centres bringing the total to about €2.5 billion. He said the money could help reduce energy hardship and the cost of electricity for ordinary people.
Energy poverty and winter hardship
He cited people in arrears and older people and students struggling to heat their homes. He also referred to an estimate that between 1,500 and 2,800 mostly elderly and vulnerable people could die this winter because of energy poverty.
Company profits and executive pay
Boyd Barrett pointed to reported profits at SSE, Energia Group and ESB, and to a planned €90,000 increase in the ESB chief executive’s salary. He argued that government priorities should shift towards protecting households from energy costs rather than prioritising energy company profits and executive salaries.
He called for taxes on energy companies and support to help people control the cost of electricity and energy.
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Transcript
Thanks to the Social Democrats for bringing forward this motion, we're happy to support
it.
I have to be honest and say we would go a little bit further with our windfall tax.
We think 50% of the profits of these companies should be subject should be taxed and that
could raise 1.1 billion euro which would go a hell of a long way along with a levy on
the data centres making them pay the same electricity prices as ordinary householders
in total could raise about 2.5 billion euro and could go a hell of a long way to stopping
the energy poverty, the hardship and the suffering that so many people are going to suffer this
winter as a result, let's not forget, of Trump and Israel's warmongering, the profiteering
of energy companies and the indifference of our government and other governments to the
hardship and suffering that ordinary people go through.
And it's not just that half a million people are in arrears, can't afford to pay their
bills or that older people or students who will be marching tomorrow will be shivering
with cold and afraid to turn on the heat.
But this leads to debt, excess debts.
It's estimated that between 1,500 and 2,800 mostly elderly people, vulnerable people will
die because of energy poverty this winter because they're afraid to turn on the heating
or cannot afford to do it.
So there are very real and terrible consequences to the prioritisation of the profits of energy
companies and the obscene salaries of their CEOs over providing protection for people
who are struggling, elderly people, students, working people who can't afford to pay their
And it's outrageous.
I mean, it is an insult.
As well as the profits, SSE Electricity last year, global profits, 1.8 billion euro.
The profits of Energia Group this year, up 25% on last year.
ESB profits up to 445 million for the half year.
So we'll be close to a little under a billion in profits.
And then the ESB chief executive is going to see a hike in his salary of 90,000 euro
taking up to 400,000 euro while people are shivering with cold and some will die because
the government won't prioritise their need for heat over the profits and salaries of
those running energy companies.
It is disgusting.
So change your priorities, tax these profiteering companies and provide the help for ordinary
people to control the cost of the electricity and the energy that they use to stop the suffering.