ESB profits soar while households are hammered by electricity bills
ESB profits soar while households are hammered by electricity bills - The Labour Party
Labour energy spokesperson Ciarán Ahern TD has called on Government to introduce a windfall tax on energy company profits and use the proceeds to ease the burden of high electricity bills, after ESB Group today reported profits after tax of €377 million for the first six months of 2026, an increase of more than 20% on the same period last year.
Deputy Ahern said:
“These figures are extraordinary. ESB has recorded €377 million in profit in just six months, while households across Ireland continue to pay some of the highest electricity prices in Europe.
“People will rightly ask how profits can rise by more than 20% at the same time as they are being told to dig deeper to keep the lights on and heat their homes.
“The contrast is even more stark when you consider that Electric Ireland increased residential electricity prices by 8% and gas prices by 7.7% from July. Families are paying more, while the profits of its parent company are soaring.
“Labour has been calling for a windfall tax on the profits of energy companies for years. Our Alternative Budget last year proposed a 20% windfall levy on energy company profits, with the proceeds used to provide targeted energy supports to households.
“Government cannot continue to shrug its shoulders at the cost of electricity. Energy is an essential service. Workers, families and pensioners cannot simply choose to stop using electricity when prices rise.
“These results also underline the need to accelerate Ireland’s transition to clean, indigenous renewable energy. Our continued dependence on volatile international fossil fuel markets leaves households exposed to price shocks again and again. We have enormous renewable energy resources on our doorstep, yet Government has failed to develop them at anything close to the pace required.
“Fine Gael and Fianna Fáil have had ample warning about the pressure energy costs are putting on households. They cannot allow another winter to approach while families worry about whether they can afford their bills.
“Government should introduce a windfall tax on excessive energy profits and put that money directly towards targeted support for households struggling with electricity costs. When profits are running into hundreds of millions of euro while customers face higher bills, there is no credible argument for continuing to sit on their hands.”