Darren O'Rourke (Meath East, Sinn Fein)
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120. To ask the Minister for Communications, Climate Action and Environment the revenue that was raised via the cap on market revenues; how this compares to the original projected revenue; and if he will make a statement on the matter. [27698/24]

Eamon Ryan (Dublin Bay South, Green Party)
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The Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 was enacted in November 2023 and was commenced on 4 December 2023. This Act implemented a cap on market revenues of specific electricity generators as required in Council Regulation (EU) 2022/1854 of 6 October 2022 on an emergency intervention to address high energy prices.

The Act provides for the collection agent to establish, administer, and maintain a fund to be known as the Market Cap Fund, into which the proceeds from the cap on market revenues will be retained. Under the Act, the proceeds from the cap on market revenues will be retained by EirGrid on behalf of the Commission for Regulation of Utilities (CRU) and are to be used to support final electricity consumers in measures in line with Article 10 of the Regulation.

Proceeds from the cap on market revenues were highly dependent on fluctuations in the wholesale price of natural gas. In early 2023, the expected returns were initially estimated to be in the range of €80 million to €150 million. Based on the actual returns received by the CRU to date, it is estimated that the size of this fund will be approximately €185 million. It should be emphasised that this is a provisional estimate only and that the CRU are currently analysing and verifying the contents of these returns.