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Government to reduce electricity charges, seizing corporate profits to power the people!

Dublin: Prime Minister Leo Varadkar has pledged to anticipate additional reductions in energy prices across Ireland.

The government is poised to provide increased electricity incentives to households during the winter months. Even state-owned enterprises, including ESB, have elevated their dividends to historic highs, as stated by Varadkar. He further emphasised that if these state-owned companies generate excessive profits, the government retains the authority to reclaim a portion of those profits through special dividends.

“The government aims to recover a portion of these dividends and allocate these funds towards assisting households and businesses in coping with their energy expenditures,” he articulated, noting that approximately 100 million euros were allocated for this purpose last year.

ESB has reported a notable 30% surge in operating profit, reaching €676 million in the initial six months of this year.

Moreover, the government anticipates that several other companies will soon announce additional price reductions in the coming days.

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