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EU outlines energy plan; Panda calls a halt; and new tax defaulters’ list

Business Today: the best news, analysis and comment from The Irish Times business desk

European Commission President Ursula von der Leyen will today present the Commission's proposals on curbing energy costs. Photograph: EPA

Dominic Coyle's face
Dominic Coyle
Wed Sep 14 2022 - 06:20

Plans for a new windfall tax on fossil fuel companies and a cap on the price of power generated from sources other than gas are expected to be announced this morning by European Commission president Ursula von der Leyen in her State of the Union address alongside measures to cut energy usage across the bloc, especially at peak hours.

It comes too late for Panda Power which becomes the fourth Irish energy supplier — and the largest to date — to withdraw from the market, conceding defeat to rapidly rising prices that make its market offering unviable, not least as it doesn’t generate any electricity itself. Eoin Burke-Kennedy has the details.

Away from energy, a senior businessman with a public profile in the Irish corporate sector has been arrested on suspicion of insider trading. Conor Lally is following the story.

Conditions in the Irish housing market are “returning to normal” following the Covid- 19 emergency, with new sales listings on property website MyHome.ie up 21 per cent on pre-pandemic levels during the third quarter, Davy says, having analysed data on the website.

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And publican Charlie Chawke is appealing the refusal of his application to retain a cafe in a converted shipping container at his Goat pub in south Dublin, claiming that the ongoing existence of Covid makes it a practical solution for customers, writes Gordon Deegan.

Two companies linked to a motor dealer in Carlow account for the lion’s share of settlements published in the latest Revenue list of tax defaulters. Mark Paul writes that a Carphone Warehouse company, a major investment funds group and the man behind a hairdressing chain were also named, as was a French man who used to provide holiday lets in Ireland.

Enet says it is investing €50 million over the next five years in expanding its network, notably to include all the business parks encircling Dublin which are home to a raft of data centres under an agreement to deliver international optical network connections between Dublin and data centres in Europe and across the North Atlantic. Colin Gleeson reports.

And financial technology and business services company Fexco has launched a new platform that analyses carbon emissions in the aviation sector, enabling airlines and investors in the sector to manage their emissions in line with Net Zero targets., writes Ciara O’Brien

In Commercial Property, an office block overlooking Trinity College Dublin and adjacent to the National Gallery of Ireland and with a secure State tenant is on the market looking for €57 million, writes Ronald Quinlan.

Buswells Hotel, the favoured haunt of politicians is also on the block, seeking offers over €22 million, and there is yet more investment interest from French group Iroko Zen while Temple Bar pub group is paying over €11m to secure a boutique hotel next door, and shopping centres in both Cork and Carlow are looking for new buyers.

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