Windfall tax on energy companies may result in higher energy bills, ESRI warns

The ESRI warned that despite the soaring bills for customers 'taxing windfall gains in the generation sector only may therefore place some upward pressure on consumer prices'.

The ESRI has warned the impact of the introduction of a windfall tax in Ireland is “difficult to estimate” and may result in “upward pressure” on energy costs.

Calls for a windfall tax on energy companies have strengthened in recent months as many report record profits, while gas and electricity bills for consumers and businesses soar amid a growing cost-of-living crisis.