Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023

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Number 30 of 2023

ENERGY (WINDFALL GAINS IN THE ENERGY SECTOR) (CAP ON MARKET REVENUES) ACT 2023

CONTENTS

PART 1

Preliminary and General

Section

1. Short title and commencement

2. Interpretation

3. Regulations and schemes

4. Expenses

5. Service of notices

PART 2

Calculation, Return, Payment and Recovery

Chapter 1

Calculation

6. Application of Act to certain persons

7. Application of Act to certain fuel sources

8. Market cap

9. Market index price

10. Monthly market revenue and monthly capped revenue

11. Preliminary surplus revenue

12. Adjusted surplus revenue

13. Further provision relating to adjusted surplus revenue

14. Further provision relating to hedging arrangements

Chapter 2

Return

15. Return

16. Direction to make a return under section 15

17. Notice requiring further information

18. Requirement to revise assessment

19. Appeal

Chapter 3

Payment and recovery

20. Obligation to pay

21. Surcharge for late return

22. Recovery of interest in respect of overdue amount

23. Obligation to keep certain records

24. Inspection

PART 3

Market Cap Fund

25. Establishment of Fund

26. Accounts of Fund

27. Disbursements from Fund

28. Schemes

PART 4

Offences, Penalties and Information Sharing

29. False or misleading information

30. Offences

31. Prosecution by competent authority

32. Offence by body corporate

33. Information sharing

Acts Referred to

Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010 (No. 24)

Companies Act 2014 (No. 38)

Electricity Regulation Act 1999 (No. 23)

Number 30 of 2023

ENERGY (WINDFALL GAINS IN THE ENERGY SECTOR) (CAP ON MARKET REVENUES) ACT 2023

An Act to give full effect to Articles 6, 7, 8 and 10 of Council Regulation (EU) 2022/1854 of 6 October 2022¹ on an emergency intervention to address high energy prices and for that purpose to make provision for a cap, that is to say the market cap to apply to market revenues from the sale of electricity produced from certain sources for the period beginning on 1 December 2022 and ending on 30 June 2023; to provide for the payment of revenues of producers, intermediaries and traders in excess of the market cap to the collection agent; to provide for the calculation of the amounts payable; to provide for the obligations of producers, intermediaries and traders relating to the market cap and enforcement of certain obligations; to provide for the administration and collection of the amounts payable; to provide for a collection agent; to provide for the establishment and management of a market cap fund; to provide for the making of schemes for disbursement from the market cap fund in accordance with Article 10 of the Council Regulation; and to provide for related matters.

[17th November, 2023]

Be it enacted by the Oireachtas as follows:

¹ O.J. No. L 261, 7.10.2022 p. 1