Dublin: Irish Prime Minister Leo Varadkar has announced bold measures to alleviate the energy burden on households and businesses in Ireland. The government plans to seize excess profits from state-owned companies, such as ESB, and redistribute them to the people in an effort to reduce electricity charges.
Varadkar revealed that certain state-owned enterprises have seen their dividends soar to unprecedented levels, with ESB’s operating profit increasing by a substantial 30% to €676 million in the first half of this year. In response, the government intends to exercise its authority to reclaim a portion of these profits through special dividends.
“The government wants to claw back some of those dividends and use that money to help households and businesses with their energy costs,” Varadkar stated. Approximately 100 million euros were allocated for this purpose last year.
Additionally, Varadkar expects more companies to announce further reductions in energy prices in the coming days, providing much-needed relief to consumers as winter approaches.