Government warns windfall tax on energy sector could rebound on consumers

Many European states are imposing such a tax after UN secretary-general censured fossil fuel giants for reaping ‘immoral’ profits during the energy crisis

António Guterres, the United Nations secretary-general: has accused the major energy companies of “grotesque greed”. Picture: Getty

The Department of Finance is working with the Department of the Environment to examine where excessive profits may be occurring in the energy sector, but has warned that imposing a windfall tax could result in higher prices for consumers.

There have been increasing calls for a windfall tax on the profits being made by energy companies due to sharply rising prices caused by Russia’s invasion of Ukraine.

Taoiseach Micheál Martin last week said the government ...