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.
There has been difficulty in figuring out by how much these companies are benefitting, and the Social Democrats TD Jennifer Whitmore says that must be factored in:
"We need to make sure that whatever system is put in place will really meet our needs as a state and that there isn't opportunities to downplay the level of profits that they have."
Energy economist Muireann Lynch says there are risks to this approach:
"You can get it wrong in both ways. You can get it wrong by being too harsh on by taking too much money off them and we'll have more energy companies going out of business, or you can get it wrong in that you're too lenient and they're still making an awful lot of money."
Companies directly involved in producing fossil fuels will also have a tax on their profits, though there are few of these in Ireland
