There are calls for a string of new energy credits for all households, but the Government needs to proceed carefully
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The energy market was set up to provide competition in what had previously been a State monopoly; it may be that changes are needed in the years ahead to ensure consumer interests are to the forefront. There are peculiarities in the Irish energy market: it is heavily reliant on gas, to a much greater extent than most other European markets; it depends to a large extent on the UK for supplies; and the dispersed nature of the population increases costs of supply. The energy transition, while promising more security and more stable prices in the long run, also brings short-term costs.
In the short term, the Government must decide how to respond to the ongoing high level of energy bills for households and businesses. A special tax on the windfall profits of energy companies, expected to raise around €600 million, is likely to be used to help pay for a support package. Financial assistance must first be directed at less well-off households who need it most. Beyond that, care is needed. Calls for a repeat of the regular €200 energy credits for all bill-payers risks directing resources at many households who do not need it. Energy prices are coming down, and the Government cannot afford to continue to compensate everyone for the fact that they remain higher than what we are used to.
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