Energy Crisis

Eamon Ryan: New windfall tax on wind farms is not an attack on the industry

The measure is expected to raise between €340 million and €1.9 billion

Eamon Ryan, the Minister for Climate Action. Picture:

Eamon Ryan, the Minister for Climate Action, has pledged that up to €1.9 billion in proceeds from the new windfall tax on energy companies will be ringfenced for consumers and businesses.

The government has announced the details of its own windfall tax, which is based on the principles agreed by all EU member states last September.

It is a complex mechanism that involves a charge on excess profits from energy from windfarms and a separate ...