The Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill forms part of the government’s response to the energy crisis which followed Russia’s invasion of Ukraine.

The bill provides for a cap on the market revenues generated by non-gas generators in the wholesale electricity market between December 2022 to June 2023, as set out in Council Regulation (EU) 2022/1854.

The proceeds will be retained and used in the electricity sector to provide financial supports to households and businesses affected by high energy prices.

The publication of the bill follows the enactment of the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Act 2023 last month.

In total, it is expected that windfall gains across the temporary solidarity contribution and the market cap can raise between €280 million and €600 million, dependent upon wholesale gas prices, to support householders and businesses, and climate actions.

Eamon Ryan, minister for the environment, climate and communications, said: “I welcome the publication of this bill. It will result in the collection of significant revenue that will be used to ease the impact of high energy prices on electricity consumers.”

Mr Ryan said he intends to bring the bill through the Oireachtas when the Dáil resumes after the summer recess.