Eamon Ryan (Dublin Bay South, Green Party) | Oireachtas source

As the Deputy will know, I have to be very sensitive because we are in the middle of a budget process. My Department and the Department of Finance have been exploring the potential to collect a portion of these windfall gains with a view to using the proceeds to support energy consumers. Subsequent to this, there have been significant developments at EU level, which we just discussed. At the Council of energy ministers on 9 September, which I attended, the issue of windfall gains was discussed in some detail. Outline proposals were set out and the Council of energy ministers invited the European Commission to make formal proposals. On 14 September, the Commission published a proposed regulation, which included measures aimed at addressing windfall gains in the electricity sector and in fossil fuel production. These proposals are expected to raise additional revenues which will be used to reduce the cost of energy for households and businesses. It is important that this proposal captures the windfall gains and minimises negative effects on consumers. The proposal will be negotiated throughout the remainder of this month with a view of it being approved at a meeting of the Council of energy ministers on 30 September. I fully support the objectives of this proposal and am working to ensure it fully addresses the issue of windfall gains in Ireland.

I wish to make two further points. First, it will be very difficult to get proposals that exactly fit our circumstances, including on the rate that would apply. For example, the Commission proposed a rate of €180 per megawatt hour and that they would be on the supernormal profits above that rate. My personal view is that we should look for a lower rate. Similar technical issues revolve around many aspects of this, which will make it easier or more difficult in different countries depending on the circumstance of each country. Therefore, it is not an easy approach.

Deputy Fitzpatrick and other Deputies asked earlier why I mention the European Union so much. In this instance, we do have to work collectively because this is a temporary measure in response to a wartime event, where energy has been used in this way. We do not want to divide; that is what the Russian Government would like us to do.

See this speech in context