Rose Conway-Walsh (Mayo, Sinn Fein)
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116. To ask the Minister for Communications, Climate Action and Environment the estimated revenue that would have been generated had the €120/MWh cap on renewable electricity generation and the €180/MWh cap on other inframarginal generation been applied since the beginning of 2022; if he will consider retroactively applying the cap as is being done by Belgium to capture some of the undue windfall gains; and if he will make a statement on the matter. [62778/22]

Rose Conway-Walsh (Mayo, Sinn Fein)
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133. To ask the Minister for Communications, Climate Action and Environment if electricity generators will be allowed to keep all windfall profits from 2022 under current Government proposals; if he will consider extending the solidarity contribution such as the windfall tax to electricity companies as is being considered by Spain and the Czech Republic; and if he will make a statement on the matter. [62779/22]

Eamon Ryan (Dublin Bay South, Green Party)
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I propose to take Questions Nos. 116 and 133 together.

Council Regulation (EU) 2022/1854 of 6 October 2022 on an emergency intervention to address high energy prices seeks to address windfall gains in the energy sector through a cap on market revenues in the electricity sector and a temporary solidarity contribution on profits in the fossil fuel production and refining sectors.

This Regulation provides for the cap on market revenues to be applied from 1 December 2022 to 30 June 2023 and the temporary solidarity contribution from 1 January 2022 up to 31 December 2023.

The Government has approved the implementation of the Council Regulation in line with the dates set out above. It is not intended to apply the cap on market revenues in time periods beyond those provided for the Council Regulation. It is also not intended to apply the temporary solidarity contribution in sectors beyond those provided for in the Council Regulation. My Department does not have detailed estimates of potential proceeds that could be generated outside of the relevant timeframes and sectors.

My Department is currently developing the necessary legislation to implement the cap on market revenues and the temporary solidarity contribution.