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

The main purpose of the Bill is to provide for the TSC under Council Regulation No. 2022/1854 of 6 October 2022 on an emergency intervention to address high energy prices. This is an important Bill which will provide for a fair collection of surplus revenues from fossil fuel companies that have earned unexpected revenues from the high energy prices resulting from the war in Ukraine. It provides for the Revenue Commissioners to administer, collect and enforce the TSC through surcharge, interest, penalties and offences. These provisions will ensure a timely and efficient collection from the companies, which will then be remitted to the Exchequer.

Senators will be aware of the financial pressure that high energy prices have placed on households and businesses. This is important legislation that demonstrates the Government’s commitment to collect revenue from windfall gains generated by companies as a result of high energy prices, which can then be distributed to households and businesses that have been negatively impacted by those same high energy prices.

I will address some of the questions that came up during the debate. How will the money be distributed? Article 17 of the regulation that applies guides the distribution of funds. We will use the principles in that article. The Government decision on exactly how it is to be distributed has not been made. The decisions will be made in consultation with the energy poverty steering group. That group is chaired within my Department and it will advise as to how we can reach the people who need the money most.

I thank all Senators who made contributions. They have pointed out that we in Ireland have a huge dependence on fossil fuels, that some organisations sought to profiteer from the war and that it is only right that we try to recoup the excess profits made during that period and redistribute those to the people who need them most. It has also been pointed out that we have an enormous opportunity here in Ireland. We are putting everything in place so that in the future, we will be less dependent on countries such as Russia or countries in the Middle East. Such countries have gone through periods of instability that have led to direct consequences for people who had no involvement. The poorest people were affected and could not stay warm in the winter or pay their electricity bills. The Government has, of course, spent large quantities, including some €2.5 billion last year and €2.4 billion the year before, to mitigate those high energy prices. However, the long-term solution will be the development of renewable energy, particularly on the west coast, and the development of hydrogen. We require clean energy supplies that will give us greater independence and greater self-sufficiency in the future. This Bill will go some way towards righting the wrong of profiteering on excess energy prices.It needs to be legislated for as quickly as possible. I want to see that the money is available to distribute over the coming winter. I thank all Senators for their contributions.