New windfall tax on energy sector to help bring down household bills 

The memo, being brought by Energy Minister Eamon Ryan, is in line with a European Council emergency intervention to address high energy prices, which passed last month. Picture: Leah Farrell/ RollingNews.ie

A windfall tax on the energy sector is expected to be signed off on by the Cabinet tomorrow morning.

The measures being brought forward are aimed at bringing down the price of energy for households and businesses.

This will include a cap on all market revenue on non-gas electricity generators, and a temporary solidarity contribution for companies active in fossil fuel production.

The memo, being brought by Energy Minister Eamon Ryan, is in line with a European Council emergency intervention to address high energy prices, which passed last month.

The regulation introduces common measures to reduce electricity demand and to collect and redistribute the energy sector's surplus revenues to households and small and medium-sized enterprises.