Government to cap energy firms' revenues and tax profits

Pledge to provide direct supports to citizens and businesses in need

Michael McGrath, minister for public expenditure and reform, and party colleagues after the second day of the Fianna Fáil Parliamentary Party think-in in Mullingar. Picture: Damien Eagers Photography

Energy companies will have their revenues capped and their windfall profits taxed to ease the burden on families and businesses struggling with the cost of living, Public Expenditure Minister Michael McGrath has said.

He slammed Sinn Féin’s proposal for a cap on energy bills for consumers, saying it would “give a blank cheque to energy companies”.