The Government looks set to approve a bill which would bring in a windfall tax on energy companies.The first is a temporary solidarity contribution, based on taxable profits in the fossil fuel production and refining sectors, for last year and this year.The second is a cap on the market revenues of some generators - such as wind, solar and oil - in the electricity sector.Excess revenues will be collected and used to support electricity consumers.
Energy Minister Eamon Ryan has said it is hoped the legislation would be enacted before the summer recess, with the first funds due to be collected in September of this year. Main image: Eamon Ryan is seen at an informal meeting of EU energy and transport ministers in September 2021 in Slovenia. Picture by: European Union