Ossian Smyth (Dún Laoghaire, Green Party) | Oireachtas source

I thank the Deputy for her amendment. As she knows, European law supercedes national legislation. Whatever is in the European law applies and has to apply. The Council regulation states:

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.

We have to do it in that way; we have no choice. It is the law and it is European law, and as such, now that the directive will be transposed, it is Irish law as well. The proceeds from the market cap are legally ring-fenced for final electricity consumers. That is in line with the regulation and that is via the market cap fund that will be administered by EirGrid with the support of the NTMA. Exactly how it is targeted will be a decision between the CRU and my Department of the Environment, Climate and Communications. They will come up with a scheme of targeting and bring that to the Minister, Deputy Eamon Ryan, for his input and eventual approval. It has to be targeted and ring-fenced; that is the law.

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