Dáil Éireann Debate, Thursday - 1 December 2022
171. Deputy Rose Conway-Walsh asked the Minister for the Environment, Climate and Communications If any windfall tax will be applied to electricity generation companies for 2022; and if he will make a statement on the matter. [59926/22]
View answer172. Deputy Rose Conway-Walsh asked the Minister for the Environment, Climate and Communications if any windfall tax will be applied to the owners and operators of the Corrib gas field for 2022; if so, the estimated revenue that will be generated; and if he will make a statement on the matter. [59927/22]
View answerI propose to take Questions Nos. 171 and 172 together.
Council Regulation (EU) 2022/1854 on an emergency intervention to address high energy prices came into force in October. This Regulation seeks to address windfall gains in the energy sector through a cap on market revenues for non-gas electricity generators and a temporary solidarity contribution based on surplus taxable profits in the fossil fuel production and refining sector, which would include the Corrib gas field.
The cap on market revenues for non-gas electricity generators will be applied from December 2022 to June 2023 inclusive. The Government has decided that the temporary solidarity contribution will apply for the years 2022 and 2023. The total proceeds from the cap on market revenues and the temporary solidarity contribution, which are both heavily dependent on the price level of natural gas, are projected to be in the range of circa €300 million to €1.9 billion.
My Department is working with other Departments, agencies and stakeholders to fully implement this Regulation.
