Oireachtas Joint and Select Committees

Tuesday, 18 April 2023

Joint Oireachtas Committee on Climate Action

Pre-Legislative Scrutiny of the General Scheme of the Energy (Windfall Gains in the Energy Sector) Bill 2023

Photo of Darren O'RourkeDarren O'Rourke (Meath East, Sinn Fein)
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I have a question on the estimates. We had the briefing earlier. Obviously, there was a headline figure before Christmas of potentially €1.9 billion. We received a briefing with the breakdown from the departmental officials. That broke down to €280 million to €2.4 billion on the market cap, which is now reduced to €80 million to €150 million or €49 million to €591 million if we are to use this external figure. The TSC, temporary solidarity contribution, was initially €60 million to €480 million and it is now estimated at €200 million to €450 million. I ask Mr. Walker to expand on those estimates. I might capture two questions in one. They all indicate that huge revenue has been made in the renewables industry in particular before December which will not be captured in this design. Having talked to the European Commission earlier, we know that other countries are taking the approach of taxing that. Has that been considered? Has the Department been given an instruction to consider it at departmental level? Where does that stand?