Ossian Smyth (Dún Laoghaire, Green Party)
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I thank the Deputy for tabling the amendment. The proceeds from the cap on market revenues will be retained by the Commission for Regulation of Utilities, or EirGrid on its behalf, and it will be used to support final electricity consumers in line with Article 10 of the regulation. Since the regulation is in force, the proceeds must be distributed in accordance with that regulation.

Article 10 of the Council regulation details potential suitable measures, such as financial compensation and directed transfers to final electricity consumers, lowering the cost of purchasing electricity for energy consumers and promoting investment by final energy consumers into decarbonisation technologies, renewables and energy efficiency investments. It also states that member states shall ensure that all surplus revenues resulting from the application of the cap on market revenues are used to finance measures in support of final electricity customers that mitigate the impact of high electricity prices on those customers in a targeted manner. As such, the proceeds from the market are legally ring-fenced for final electricity consumers in line with the regulation via the market cap fund and that fund is administered by EirGrid with the support of the National Treasury Management Agency, NTMA. The Minister, with the consent of the Department of Public Expenditure, National Development Plan Delivery and Reform, will decide on the use of the proceeds gained from the cap on market revenues. The decision on the distribution of proceeds will be made publicly known.

With regard to the specific request or proposal in the amendment regarding specific reporting obligations, reporting is provided for in section 26(6) of this Bill. That section 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. I think that covers what is required or requested within this proposal and, as such, I do not propose to accept the amendment.