Dáil Éireann Debate, Thursday - 21 September 2023
146. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue to be generated by the temporary solidarity contribution and cap on market revenues in each of the years 2024 and 2025, respectively (disaggregated by each - Temporary Solidarity Contribution and Cap on Market Revenues); and if the revenue with respect to each is included in the revenue base for 2024 and 2025, as outlined in the Summer Economic Statement. [40896/23]
View answerThe cap on market revenues will be collected by the Commission on Regulation of Utilities (CRU). The proceeds from the cap on market revenues will be retained and used in the electricity sector to lower prices for consumers. As such, this measure will not increase Exchequer revenue.
At the time of the Stability Programme Update (SPU) 2023 the temporary solidarity contribution in respect of windfall gains in the energy sector was estimated to raise approximately €100 million in 2024. This is reflected in the fiscal parameters set out in the Summer Economic Statement 2023. No provision was made for revenues from the temporary solidarity contribution for 2025 as the measure will only be collected in 2023 and 2024.
As the Deputy will appreciate, my Department will shortly be updating the full suite of fiscal projections as part of Budget 2024 and estimates will be subject to revision based on the latest available data at the time.
