The Tánaiste has confirmed an energy windfall tax will be part of the Budget in two weeks' time.
It's unclear whether the amount of money Ireland will get from the Commission's fund will be set before the Budget.
Speaking in the Dail, Waterford TD Matt Shanahan had concerns on government policy.
"I would question the policy now of government on whether it is reactive or proactive," he said.
Leo Varadkar says a series of supports for businesses are being finalised to deal with spiraling bills.
Despite this, he has admitted the Government doesn't know how the EU's new windfall tax on energy companies is going to work.
The Tánaiste says the proposed €140 billion fund from the European Commission hasn't been properly explained.
A motion on the security of electricity supply was also tabled in the Dail by the regional independents.
The group claims policy decisions have been made to change how energy is sourced without any alternatives in place.
They claim businesses will close due to the high costs of electricity bills if the government waits for Europe to move on the issue.
Matt Shanahan says it's an incredibly worrying time for businesses.
"People are losing confidence absolutely exponentially," he said, before adding that a Waterford business owner told him they were thinking of shutting their doors until next March.
Deputy Shanahan says the government need to be more proactive in their approach and also says the agriculture sector has been left in limbo.
He said that the government committed to giving grant aid to farmers who use solar energy over two years ago but they never figured out a way to hook the farmers energy to the national grid.
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