Dáil Éireann Debate, Wednesday - 18 January 2023
82. Deputy Niall Collins asked the Minister for the Environment, Climate and Communications the actions being taken to reduce the profits of Bord Gáis and pass on reductions to customers and consumers; and if he will make a statement on the matter. [63735/22]
View answerIt would not be appropriate for me to comment on an individual company. However, the general position from a policy perspective is set out below.
Council Regulation (EU) 2022/1854 is an emergency intervention designed to address high energy prices and seeks to address windfall gains in the energy sector. The Council Regulation includes the introduction of a cap on market revenues in the electricity sector.
On 22 November 2022, the Government approved the implementation of the cap on market revenues in Ireland. My Department is currently working with relevant Departments, agencies and stakeholders to develop the necessary legislation to implement this decision.
The Council Regulation sets out that the proceeds collected form the cap on market revenues is to be used to the benefit of electricity consumers. This could include reductions in networks charges or supports provided directly to consumers, similar to those already in place.
The Government will determine, in due course, how best to distribute these proceeds.
