Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages
Dail Éireann — 2023-10-18
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Ossian Smyth (GP), Dún Laoghaire

I will start by responding to Deputy Whitmore. There is one period specified in this Bill and it applies to the prices that were obtained by generators, to hedging arrangements, to traders and to other intermediaries. The price is to be captured through any of those different mechanisms. I am not sure it would make sense to have a different period for hedging arrangements from the period specified for all of those other participants in the market.
Deputy Mattie McGrath is worried that this Bill does not capture profits from large companies. In fact, this is the second windfall Bill. The first Bill was enacted in July and applied to fossil fuel oil and gas reserves and to oil refineries. That Bill has already collected €167 million in revenue from very large companies. This Bill will apply to those generating electricity, which are also generally very wealthy and large companies. The two Bills together are expected to collect up to €600 million over the period of two years, which is a sizeable amount of money.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2023-10-18/debate/main
Retrieved: 2026-08-14T04:52:18+00:00
Sitting date: 2023-10-18