Energy Policy

Dáil Éireann Debate, Wednesday - 27 September 2023

Wednesday, 27 September 2023

Questions (66)

Ged Nash

Question:

66. Deputy Ged Nash asked the Minister for Finance if the yield from the two measures targeted at windfall gains in the energy sector has been included in the Budget exchequer revenue figures for 2024; if not what the projected yield his Department expects to receive, and if not accounted for in 2024, he will confirm if it is included in Exchequer accounts for 2022 or 2023; what the estimated amount in each year is; and if he will make a statement on the matter. [41839/23]

Written answers

Minister for Finance

The cap on market revenues will be collected by the Commission on Regulation of Utilities (CRU). The proceeds from the cap on market revenues will be retained and used in the electricity sector to lower prices for consumers. As such, this measure will not increase Exchequer revenue and will not be included in my Department's projections of Exchequer receipts.

The temporary solidarity contribution in respect of windfall gains in the energy sector applies to 2022 and 2023 profits and will be collected in 2023 and 2024. I can advise the Deputy that receipts from the temporary solidarity contribution in respect of 2022 profits are expected to be received this month and will be included in the end-month Exchequer returns published in the Fiscal Monitor for September. As such, my Department will update its estimates for revenues associated with this measure as part of the full suite of fiscal projections published as part of Budget 2024.