February 16, 2023
Government facilitating obscene energy company profits – Darren O’Rourke TD

Sinn Féin spokesperson on Climate Action, Darren O’Rourke TD, has said Government policy has facilitated the obscene profits being reported by energy companies.

The Meath East TD said the Government’s delay in introducing windfall taxes, their refusal to introduce energy price caps and their refusal to lead the exit from the Energy Charter Treaty, are all contributing factors to this.

Teachta O’Rourke said;

“Energy companies are reporting record profits for 2022 at a time when prices are hiked and businesses and families struggle to pay their bills.

“In many cases these record profits are multiples of previous records. The figures are eye-watering and obscene. 

“Today alone, Centrica, Bord Gáis’s parent company reported an adjusted operating profit of £3.3 billion for 2022, up from £948m in 2021.

“The Fianna Fáil, Fine Gael and Green Party Government has facilitated this. They give big energy companies a free run and, incredibly, have a clear track record of acting to protect their profits.

“We should remember that they blocked windfall taxes and energy market reforms at a time when European counterparts were championing them, and until the EU moved as a block. 

“They also continue to refuse to bring in energy price caps even though they’re allowed by the EU and already in place in Germany, the Netherlands, Austria, France and elsewhere.

“Coupled with windfall taxes, price caps are the best way to protect consumers and tackle disgusting energy company profits and practices.

“In addition, they steadfastly refuse to leave the Energy Charter Treaty. This Treaty gives large energy companies the right to sue countries through ISDS mechanisms if their profits are impacted by environmental policies.

“Time and again, when push comes to shove and action is measured over spin, this Government will protect the profits of big energy companies.”

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