John McGahon (Fine Gael) | Oireachtas source

Absolutely. To follow up on the Minister's comments on a windfall tax, it is something I am not opposed to but I would like more clarity around the concept. When he talked about the proposition to define the term "energy company" for the purpose of such tax, there is a distinction between the companies because they operate in various stages of the energy supply chain, including extraction, generation and supply. How do we define exactly what an energy company is? I am conscious that suppliers are price takers in wholesale markets. Where exactly do we propose the distinction between a windfall profit and the ordinary operating margins of those energy companies lie? I would be interested in knowing where that distinction comes in and from what point onwards these companies would begin to pay tax.

On the wider aspect, what mechanism is proposed for the introduction of such a tax? How will it be levied? Is there a period of time during which the Minister would like to see the tax implemented? What does he anticipate would be raised for Revenue by the introduction of such a tax?