Utility companies making huge profits during cost-of-living crisis could be hit with windfall tax

Minister of State at the Department of Finance Sean Fleming TD said the action against utility companies could take the form of financial measures. Picture: Gareth Chaney/Collins

Utility companies who use the cost-of-living crisis or war in Ukraine to turn higher profits could be hit with a windfall tax — but only if it doesn't mean higher bills for consumers.

The Department of Energy, Climate and Communications is examining whether to take action against companies who are making hyper-normal profits throughout the crisis.