Cabinet has signed off on a windfall tax for energy companies.
Ministers have also agreed to charge a solidarity contribution on firms generating fossil fuels.
It's been talked about for months but today Cabinet finally moving on a windfall tax on the profits of energy companies not using gas.
The plan is to take a portion of the profits being generated by those companies.
Some, including wind generators, have been benefitting from the skyrocketing price of gas without incurring any extra costs themselves.
This is because energy is priced based on the most expensive way it's produced, regardless of how it's actually generated.
Companies directly involved in producing fossil fuels will also have a tax on their profits, though there are few of these in Ireland.
The windfall tax will raise between €340 million and €1.9 billion, according to the Government.
The tax will be levied at €120 per megawatt hour.
While the solidarity charge will be 75% of the excess profits of fossil fuel producers.
They will be allowed to earn a baseline average plus 20% before that charge kicks in.
