Results 621-640 of 2,990 for speaker:Ossian Smyth

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: All of that money is ring-fenced for-----

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: -----redistribution to energy consumers in a targeted way. That is what it says in the law. We have to redistribute the money we collect. It is a windfall tax based on unfair profits earned by these companies and the money legally has to be ring-fenced and redistributed to those customers who overpaid for their power in the first place. In that sense, it is a very fair and redistributive tax.

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: I thank the Deputies very much for their lyrical contributions. I want to start by clarifying something. Would Deputy Whitmore mind reading out the amendment she has tabled because the numbering on my list is different? Amendment No. 2, which I believe we are on, in my book does not refer to hedging. For absolute clarity, would Deputy Whitmore mind reading out the amendment? I do not...

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: The amendment that has been read out is amendment No. 4 in my book but it is the Deputy's amendment No. 2. If it is okay, we are ready to go ahead. All of the Deputies were-----

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: -----speaking on the hedging arrangement so we are all fine here. I thank Deputy Whitmore. We are all clear. I thank the Deputies for their contributions. I thank Deputy Whitmore for tabling the amendment. The cap on market revenues, including the hedging arrangements that pertain to it, is going to apply, as per the Council regulation, from 1 December 2022 to 30 June 2023. It is not...

Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Report and Final Stages (18 Oct 2023)

Ossian Smyth: Reporting is incredibly important and essential to transparency. The reporting obligations for this Bill are provided for in section 26(6). That section states that both the audited accounts and 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...

Financial Resolutions 2023 - Financial Resolution No. 4: General (Resumed) (11 Oct 2023)

Ossian Smyth: I have the honour of being in charge of the largest capital programme in the State, namely, the national broadband plan, which is bringing fibre broadband to every home, farm and business in rural Ireland. How is the project doing? An extra €136 million has been allocated for this year. Why do I have that extra money? I have it because that project is going at a much faster rate...

Seanad: Budget 2024 (Public Expenditure, National Development Plan Delivery and Reform): Statements (10 Oct 2023)

Ossian Smyth: I am pleased to have the opportunity to appear before the Seanad to contribute to the debate on budget 2024, which the Minister for Public Expenditure, National Development Plan Delivery and Reform presented to the Dáil earlier today. Budget 2024 is a budget that invests in the country’s future, in its people, in its infrastructure and in its public services. At the same time,...

Seanad: Budget 2024 (Public Expenditure, National Development Plan Delivery and Reform): Statements (10 Oct 2023)

Ossian Smyth: I will address all the comments I heard in as far as I can. Senator Cummins presented a general view of the budget. This budget is designed to protect people, invest for the future and make investments in infrastructure, our young people and education, which is the most important area in which to invest, and at the same time avoid generating more inflation. We are not used to having...

Ceisteanna ar Pholasaí nó ar Reachtaíocht - Questions on Policy or Legislation (5 Oct 2023)

Ossian Smyth: I thank the Deputy for raising this issue, which is important. Energy credits were introduced as part of emergency legislation last year. The Cabinet agreed on a special allocation to make sure that the money reached Travellers. The way that was done was that the money was sent to the local authorities. Each local authorities was asked to state how many Traveller families it had. A...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: I thank the Chairman for the opportunity to present the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023 to the select committee. The main pursuit of this Bill is to fulfil Ireland's obligations under EU Council Regulation 2022/1854 of 6 October 2022, on an emergency intervention to address high energy prices. It does this in accordance with Government...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: 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. ...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: I thank the Deputy for the amendment. There has been significant diversity in the approach to the implementation of the market cap across the European Union. While some countries such as France and Spain have chosen slightly lower caps than us for renewable energy, others, such as Denmark, Belgium, Sweden and Austria, have chosen caps at higher levels. Several member states have also, like...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: I thank the Deputy for the amendment. As he can imagine, I too want to raise the maximum amount of revenue possible from this Bill. The rationale for setting a €120 MW/h cap is to maintain positive investment signals, and that is according to Article 8.2.(c) of the European Council regulation that we are implementing. We want to make sure that Ireland remains an attractive location...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: Essentially, there are two basic contracts under which wind farms operate. One is the original idea, where there was a minimum guaranteed price provided under REFIT and they were guaranteed that no matter what happened they would get this much money per MWh. However, recently we have run renewable energy support scheme options where there is effectively a maximum price a wind farm can bid...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: It is €92 per MWh.

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: I thank the Deputy very much. We are having a discussion here and I am listening to him. In a recent debate he deplored that there were not a sufficient number of competitors in a renewable energy support scheme auction.

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: He is therefore aware that attracting enough people at a reasonable price is an important thing and that there is a balance to be struck here. We need to decide how far we go in taking windfall gains away from companies and when we arrive at a point where nobody shows up for the next auction. That is the balance we need to meet between the two. It needs to be struck somewhere. I am saying...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: Price is a factor. However, it is not the only factor. Predictability of investment is a factor and Ireland, if we are not good at anything else, is certainly good at attracting foreign direct investment. We have extensive experience in that area. We also managed, at the same time as attracting foreign direct investment, to recoup large sums of money from those who have invested here and...

Select Committee on Communications, Climate Action and Environment: Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023: Committee Stage (5 Oct 2023)

Ossian Smyth: This is a fair question to raise and a good thing to discuss. The cap on market revenues is going to operate from 1 December 2022 until 30 June 2023. That is set out in the European Union regulation, which states that a set of measures should be urgent, temporary and exceptional. The regulation does not provide for the cap to extend to periods after this period or before this period. The...