A company energy support scheme will be extended by the government by an additional two months due to rising costs.
Michael McGrath, the minister of finance, has announced that the temporary business energy support programme (TBESS), which was supposed to finish at the end of this month, would continue until July 31st.
According to the Irish Examiner, companies may recover up to half of the rise in their gas or electricity bills under the programme, which was put in place to aid with energy expenses.
It comes as the government moves to expand the program’s eligibility after a number of firms complained that it was constrictive.
I think extending the scheme, combined with the improvements to the scheme… will be of major benefit to businesses, many of whom are small and medium-sized enterprises who are grappling with very high energy costs,” Mr McGrath said.
He also reiterated calls on major energy companies to reduce their prices to households.
“I believe we do need to see a reduction in the cost of energy for consumers. There have been dramatic falls in the cost of the wholesale level, but we haven’t seen the pass through of those reductions to consumers, so that does need to happen,” he said.
As a result of rising energy prices and food inflation, opposition parties have urged the government to assist those who are struggling.