- The Irish government will set a cap on the market revenues of non-gas electricity generators
- The limitation for wind and solar will be €120
To reduce windfall profits in the energy industry, the Irish government will set a cap on the market revenues of non-gas electricity generators and implement the EU Council Regulation on measures to address high energy costs.
In line with the announcement, the limitation for wind and solar will be €120 ($123) per MWh, which accounts for their modest cost increases.
According to the Council Regulation, the cap will be in effect from December 2022 to June 2023 and apply to installations with more than 1 MW capacity.
Additionally, the government will put into effect the temporary solidarity contribution for businesses engaged in extracting and refining fossil fuels in 2022 and 2023.
It anticipates receiving between 300 million and 1.9 billion euros in profits from the measures between 2023 and 2024.