Dáil Éireann Debate, Monday - 11 September 2023
135. Deputy Alan Dillon asked the Minister for the Environment, Climate and Communications what actions he will implement to ensure that the substantial windfall earnings of energy companies throughout 2022 are included in the forthcoming windfall tax initiatives; and if he will make a statement on the matter. [38456/23]
View answerCouncil Regulation (EU) 2022/1854 of 6 October 2022 is an emergency intervention to address high energy prices. It is being implemented in Ireland through a Temporary Solidarity Contribution and a Cap on Market Revenues.
The proceeds from the temporary solidarity contribution will be collected by the Revenue Commissioners and remitted to the Exchequer.
It will be a matter for Government, as part of the annual Budget process to determine how the proceeds collected from the temporary solidarity contribution will be distributed.
Council Regulation (EU) 2022/1854 requires the proceeds from the temporary solidarity contribution to be distributed in accordance with Article 17.
The proceeds from the cap on market revenues will be retained by the Commission for Regulation of Utilities (or EirGrid on their behalf) to be used to support final electricity consumers in line with Article 10 of the Regulation.
The Council Regulation details potential suitable measures such as financial compensation and direct transfers to final electricity consumers, lowering the cost of purchasing electricity for energy consumers and promoting investments by final energy consumers into de-carbonisation technologies, renewables and energy efficiency investments.
