New bill to combat high electricity costs welcomed by Kilkenny councillor

Kilkenny Green Party Councillor, Maria Dollard, has welcomed the publication of the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill. 

The Bill provides a cap on the market revenues genered by non-gas generators in the wholesale electricity market between December 2022 to June 2023.

The estimated proceeds from the cap on market revenues are in the range €80 million to €150 million and these will now be retained and used in the electricity sector to provide financial supports to households and businesses affected by high energy prices.

Cllr Dollard, commented: "This is good news for Kilkenny consumers who will see the money collected ring fenced to be returned to consumers who have been paying way too much for electricity for a long time now. We need to support those on the lowest incomes. There’s no doubt some people are being hit harder than others and without access to good insulation, bills can be very high for some, especially older people and people with reduced mobility."

Minister for the Environment, Climate and Communications, Eamon Ryan, claimed the move would 'ease the impact of high energy prices on electricity consumers'  and stated he intends to bring this Bill through the Houses of the Oireachtas when the Dáil resumes after the summer recess.