Public Expenditure Minister Paschal Donohoe has said that customers' energy bills must go down as quickly as they went up.
The Dáil heard on Wednesday of a woman over 100 who received a two-month electricity bill for almost €1,000.
The Government ruled out the possibility of another €200 energy credit in the coming months when it unveiled its spring cost of living package last month.
Speaking to RTÉ’s Today with Claire Byrne on Thursday morning, Minister Donohoe said that the Government is giving consideration to what it can do if energy companies are returning high levels of profit.
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He said: “We do understand it is going to take some time for change in energy prices on global markets to feed through to lower prices for consumers here at home.
“But bills did go up for many over a few months. They shouldn't take a few years to come down again.”
Minister Donohoe said that Green Party leader Eamon Ryan has engaged directly with energy companies about profits and prices but that it will require “more than just engagement”.
He continued: “The two steps that are open to the government to consider is number one, whether a level of windfall taxation will be needed if we do see profits begin to change in the way I've just described.
“Number two, for any companies that will be associated with the State, as I said on a number of occasions, whether a further or different level of dividend will be recorded.”
Minister Donohoe said that the next time universal energy credits will be considered is when Budget 2024 is being prepared next autumn.
The Fine Gael TD also said that when “exceptional bills” are given to customers, they should engage with their energy providers.
Taoiseach Leo Varadkar told the Dáil on Wednesday that winter energy bills are “extremely high” and that there is “another one on the way”.
He said: “There is another €200 energy credit on the way and, of course, we have provided for targeted welfare payments to increase pensions, increase the fuel allowance and widen eligibility for the fuel allowance, among other actions - and we will not stop here."
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