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

I thank the Senators for tabling the amendment. The proceeds from the cap on market revenues will be retained by the Commission for Regulation of Utilities, CRU, or they will be retained by EIrGrid on its behalf and they will be used to support final electricity customers. This is in line with article 10 of the relevant regulation. Since the regulation is in force, the proceeds must be distributed in accordance with the regulation.

Regarding reporting on the cap and market revenues and the proceeds gained, reporting obligations are provided for in the section 26(6). This 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 Environment, Climate and Communications once they are received from the collection agent, which is EirGrid in this case. For that reason, I think we are already covered for this section and I do not propose to accept the amendment.