Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee and Remaining Stages
Seanad Éireann — 2023-11-09
============================================================

Ossian Smyth (GP), Dún Laoghaire

I thank the Senators for tabling the amendment. The proceeds from the cap on market revenues will be retained by the Commission for Regulation of Utilities, CRU, or they will be retained by EirGrid on its behalf and they will be used to support final electricity customers. This is in line with article 10 of the relevant regulation. Since the regulation is in force, the proceeds must be distributed in accordance with the regulation.
Regarding reporting on the cap and market revenues and the proceeds gained, reporting obligations are provided for in section 26(6). This states that both the audited accounts and the report of the Comptroller and Auditor General will be laid before each House of the Oireachtas by the Minister for the Environment, Climate and Communications once they are received from the collection agent, which is EirGrid in this case. For that reason, I think we are already covered for this section and I do not propose to accept the amendment.

---

Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted.

Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2023-11-09/debate/main
Retrieved: 2026-08-14T04:52:22+00:00
Sitting date: 2023-11-09