Fossil fuel energy firms could be hit with the Government’s profits windfall tax in the coming weeks under new legislation set to be agreed by Cabinet this morning.
This would be a boost for households because the windfall tax on all energy firms, renewable and fossil, is set to deliver between €280million and €600million to the Exchequer.
And the Government has promised that this will be set aside to help consumers pay the elevated energy bills we have all become used to seeing.
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It was expected that the cash would make its way to the Government by September.
But a new piece of legislation being brought by Energy Minister, Eamon Ryan today will see the portion due from fossil fuels companies potentially collected before the Dáil rises for the Summer in five weeks’ time.
A source close to Mr Ryan told the Irish Mirror: “Minister Eamon Ryan will seek approval from Government tomorrow to divide the proposed Energy Windfall Gains Bill into two separate Bills to ensure that the collection of the Temporary Solidarity Contribution (TSC) from large gas and oil producers can proceed faster before the summer recess.
“The division means that Energy (Windfall Gains in the Energy Sector) Bill 2023 will be split into two separate Bills: Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023 and Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023.”
She added: “The government remains committed to both the Temporary Solidarity Contribution and the Market Cap.
“However, the temporary solidarity contribution element is further-developed and can be brought through the Houses of the Oireachtas faster.
“It is anticipated that the Market Cap Bill will be published before mid-July with commencement in the Autumn.
“Both elements will be applied retrospectively.
“The temporary solidarity contribution will apply for 2022 and 2023.
“The cap on the market revenues of some generators (such as wind, solar and oil) in the electricity sector will apply for the period December 2022 to June 2023.
Also set to come before this morning’s Cabinet meeting will be a memo from Foreign Affairs Minister, Micheál Martin, on our Defence Forces members serving abroad.
He will ask Ministers to give the green light for Irish soldiers staying on for an extra year in Syria and Kosovo, 138 are on the UNDOF mission in Syria, while 13 are in Kosovo.
Further Education Minister, Simon Harris will bring before proposals to give apprentices more employment rights, and possibly increased minimum wages going forward.
And the new winter flu jabs campaign launch approval will also be announced by Health Minister, Stephen Donnelly.
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