Dáil Éireann Debate, Wednesday - 7 December 2022
9. Deputy Rose Conway-Walsh asked the Minister for the Environment, Climate and Communications if he will consider extending the solidarity contribution, such as the windfall tax, to electricity companies, as is being considered by Spain and the Czech Republic; and if he will make a statement on the matter. [61392/22]
View answerCouncil Regulation (EU) 2022/1854 on an emergency intervention to address high energy prices came into force in October 2022. This Regulation seeks to address windfall gains in the energy sector through a temporary solidarity contribution based surplus taxable profits in the fossil fuel production and refining sector and a cap on market revenues in the electricity sector. On 22 November 2022, the Government decided to place a cap on all market revenues of non-gas electricity generators with a capacity of 1 MW or more. The applicable cap of €120 per MWh for wind and solar, at least €180 per MWh for oil-fired and coal-fired generation and €180 per MWh on other non-gas generation. This cap on market revenues will operate from December 2022 to June 2023 inclusive.
Given the market cap is being put in place to address windfall gains in the electricity sector, it is not considered necessary to develop other measures in this sector. My Department is working with agencies and relevant stakeholders to implement the cap on market revenues.
