ExxonMobil challenge may risk €500m windfall energy taxes

Up to €500 million in revenue from the Irish government’s windfall energy tax could be at risk due to a legal challenge at European level.

Last year, the European Parliament adopted a regulation telling member states to set up “temporary solidarity contributions” to be levied on the excess profits of companies in the fossil fuel sector. This windfall tax measure was adopted alongside a market price cap on non-gas electricity generators.

It meant that member ...