Taxing energy firms' profits among proposals brought forward by EU energy ministers

Environment Minister Eamon Ryan: “We cannot be ideological, we have to intervene.”

The European Union will next week draw up official proposals to cap the price countries pay for importing gas, reduce electricity use and redistribute profits made by energy companies in a bid to tackle skyrocketing prices.

Energy ministers at an emergency meeting in Brussels indicated they are in favour of the move which would see market intervention never-before seen in the European Union. Ireland has traditionally been opposed to such market tinkering but that position appears to be changing.