Energy support scheme for businesses will be extended

The scheme will remain in place until July 31

Finance Minister Michael McGrath confirmed that the temporary business energy support scheme will be extended to July 31. Picture: Sasko Lazarov/RollingNews.ie

The Government is to extend an energy support scheme for businesses by a further two months due to soaring costs.

The temporary business energy support scheme (TBESS) was due to end at the end of this month, but Finance Minister Michael McGrath has confirmed it will remain in place until July 31.

Under the scheme, which was introduced to help with energy costs, businesses can claim up to half of the increase on their gas or electricity bills.

It comes as the Government moved to widen the eligibility of the scheme after a number of businesses found it restrictive. 

"I think extending the scheme, combined with the improvements to the scheme... will be of major benefit to businesses, many of whom are small and medium-sized enterprises who are grappling with very high energy costs," Mr McGrath told RTÉ News.

He also reiterated calls on major energy companies to reduce their prices to households.

"I believe we do need to see a reduction in the cost of energy for consumers. There have been dramatic falls in the cost of the wholesale level, but we haven't seen the pass through of those reductions to consumers, so that does need to happen," he said.

It comes as opposition parties have put pressure on the Government to help people who are feeling the pinch on high energy bills and food inflation.