The Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 provided for certain entities to make returns to the CRU not later than December 2023. The CRU has now made Regulations setting out requirements in relation to these returns: S.I. No. 86/2024 – Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 (Returns) Regulations 2024.
The Regulations also prescribe the date of 14 August 2024, as well as specific information requirements, for the purposes of complying with the following provisions of the Act:
- section 15(2), which relates to certain adjustments of information in December 2023 returns,
- section 20(4), which relates to certain balances of the adjusted surplus revenue to be paid to the CRU not more than 30 days after the prescribed date, and
- section 20(5), which relates to certain overpayments of the adjusted surplus revenue to be paid back by the CRU not more than 30 days after the prescribed date.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
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