Joint Committee on Environment and Climate Action to commence Pre-Legislative Scrutiny of Energy (Windfall Gains in the Energy Sector) Bill 2023

The meeting at 11am in Committee Room 3 of Leinster House will be split into two sessions:

• 11am-12.30pm – Ms Catharina Sikow-Magny, Director for the Green Transition and Energy Systems intervention, European Commission; and
• 12.30pm-2.30pm – Officials from the Department of Environment, Climate and Communications.

Committee Cathaoirleach Deputy Brian Leddin said: “The Russian invasion of Ukraine last year saw enormous increases in wholesale natural gas prices which in turn saw consumers paying significantly higher prices for gas and electricity, putting considerable pressure and strain on householders and businesses. These high wholesale gas prices led to windfall gains in the fossil fuel production, refining and electricity sectors. In response, EU government leaders agreed on emergency intervention to address these high energy prices and windfall profits by collecting and redistributing proceeds from these gains.

“The resulting Council Regulation (EU) 2022/1854 which came into effect in October 2022 introduces a temporary solidarity contribution based on taxable profits in the fossil fuel production and refining sectors, and a cap on the market revenues of certain generators such as wind, solar and oil in the electricity sector. The Energy (Windfall Gains in the Energy Sector) Bill 2023 proposes to give effect to these measures in Ireland.

“The Committee welcomes this opportunity to carry out pre-legislative scrutiny on this proposed law and looks forward to hearing from the EU Commission and the Department officials on the Heads of the Bill. We will then produce a report for the Minister with our observations and recommendations.”

The Joint Committee on Environment and Climate Action has 14 Members, nine from the Dáil and five from the Seanad.

The meeting in Committee Room 3 can be viewed live on Oireachtas TV.

Committee proceedings can also be viewed on the Houses of the Oireachtas Smartphone App, available for Apple and Android devices.