Energy windfall tax to raise u...


Energy windfall tax to raise up to €1.9 billion

RedFM News
RedFM News

03:45 22 Nov 2022

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Somewhere between €340 million and €1.9 billion will be raised by a new energy windfall tax.

Cabinet has agreed a cap on the amount energy providers can earn, of €120 per megawatt hour for renewables and €180 for coal and oil.

A solidarity tax will also be charged on excess profits of companies who generate fossil fuels.

Energy Minister Eamon Ryan says he's not sure how much money the moves will raise:

"Expect the revenues and again this is very difficult to know. They're lower than we might have expected number of months ago because the prices, as I said fallen quite significantly since then, even if it is still at a very high level, but it's in the range of 340 million up to 1.9 billion. But that's a very wide range, but there for a reason because of the uncertainty around what the prices might be."

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