*Reminder* Market Revenues Cap - Windfall Tax
Affected Period
Status
Closed
Category
Balancing
Run Type
Created
Last Updated
Correction on previous 20/08 - Updated Message 21/08/2024;
Dear Market Participant,
We refer to our market message published on 2nd August & 13th August.
Please note that returns are now overdue with respect to M+13 declarations, where applicable.
Please also note that interest will begin to accrue with respect to balances owed for M+13 declarations if unpaid by 31st of August.
Please ensure all required documents are submit by email to windfalltax@eirgrid.com
Kind regards,
SEMO Team
________________________
Updated Message 20/08/2024 @16:18;
Dear Market Participant,
We refer to our market message published on 2nd August & 13th August.
Please note that returns are now overdue with respect to M+13 declarations, where applicable.
Please also note that interest will begin to accrue with respect to balances owed for M+13 declarations if unpaid by 30th August.
Please ensure all required documents are submit by email to windfalltax@eirgrid.com
Kind regards,
SEMO Team
_________________________
Updated Message 13/08/2024;
Dear Market Participant,
Market Revenues Cap - Windfall Tax - Reminder
We refer to our market message published on 2nd August.
M+13 Resettlement reruns - Amounts due from EirGrid
If the above is relevant to a participant, EirGrid will be required to receive the following documentation by 14th August:
- Self-completed credit note (per the template in the link in the message below) (submitted by email to windfalltax@eirgrid.com)
- Bank account details on company headed paper signed by a director (submitted by email to windfalltax@eirgrid.com)
Please also ensure that declarations are made to the CRU by 14th August and that you can facilitate a call back procedure to verify bank details.
Where there are delays to the above, EirGrid cannot guarantee payment to be processed by the end of August.
Please submit all documents by email to windfalltax@eirgrid.com
Kind regards,
SEMO Team
_____________________________
Updated Message 02/08/2024;
Dear Market Participant,
On 28 June 2024, the Commission for Regulation of Utilities (''CRU'') published the Supplementary Decision paper, CRU202456, Market Revenue Cap - Surplus Assessment Supplementary Decision.
This paper sets out that a participant may be required to submit a return by reflecting the M+13 settlement re-run and any changes to hedging arrangements and PPAs. The return may result in an amount falling due to or from EirGrid, depending on the delta arising from the return.
Please refer to the relevant documentation here to provided detail on the payment process to and from EirGrid.
The deadline for submission of declarations to CRU is 14th of August, where the participant is due to make a payment to EirGrid as collection agent as a result of the revised submission this must be paid by 31st of August to avoid interest and surcharges, where a participant is due a refund from EirGrid, as result of the revised submission this will be processed by 31 August, however where the participant hasn't filed their declaration to CRU by the due date of 14th of August, this will result in delays to processing of the refund by EirGrid.
If you have any queries on the payment process please contact windfalltax@eirgrid.com
Kind regards,
SEMO Team
____________________________
Updated Message 02/02/2024;
Dear Market Participant,
Payment deadline passed, interest accruing
As noted in market messages in market messages throughout January 2024, per the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 ("the Act"), participants (producers, intermediaries and traders) are required to pay any surplus revenues from the sale of electricity above the market cap to EirGrid as the appointed collection agent.
Participants are advised that the payment date of 31 January 2024 has now passed and interest is now accruing on unpaid balances. Where payment if being made beyond 31 January 2024, payment should be made to include the accrued interest amount, determined by the formula below. The interest amount being paid should also be included in the self-bill invoice.
As per Section 22 of the Act, interest is calculated as follows:
A x D x R
A is the adjusted surplus revenue which remains unpaid,
D is the number of days (including part of a day) in the period during which the adjusted surplus revenue remains unpaid, and
R is the rate of 0.0219 per cent.
Guidance notes to payment: Self-Billing Process
Any queries that relating to the self-billing and payment process can be emailed to windfalltax@eirgrid.com
Please ignore this message if payment has already been made to EirGrid
Kind regards,
SEMO Team
__________________________________
Updated Message 29/01/2024;
Dear Market Participant,
Final reminder of payment deadline
As noted in market messages on 4 January 2024, 22 January 2024, and 25 January 2024, per the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 ("the Act"), participants (producers, intermediaries and traders) are required to pay any surplus revenues from the sale of electricity above the market cap to EirGrid as the appointed collection agent.
Participant are advised that payment must be received into the EirGrid Windfall Tax account on or before 31 January 2024. Transfers to the account should be set up accordingly to ensure payment by this date is met to avoid interest charges being applied.
Guidance notes to payment: Self-Billing Process
Any queries that relating to the self-billing and payment process can be emailed to windfalltax@eirgrid.com
Kind regards,
SEMO Team
__________________________________
Updated Message 25/01/2024;
Dear Market Participant,
As noted in market messages on 4 January 2024 and 22 January 2014, per the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 ('the Act'), participants (producers, intermediaries and traders) are required to pay any surplus revenues from the sale of electricity above the market cap to EirGrid as the appointed collection agent.
Participant are advised that payment must be received into the EirGrid Windfall Tax account on or before 31 January 2024. Transfers to the account should be set up accordingly to ensure payment by this date is met to avoid interest charges being applied.
Guidance notes to payment: Self-Billing Process
Any queries that relating to the self-billing and payment process can be emailed to windfalltax@eirgrid.com
Kind regards,
SEMO Team
_____________________________
Updated Message 22/01/2024;
Dear Market Participant,
As noted in a market message on 4 January 2024, per the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 (''the Act''), participants (producers, intermediaries and traders) are required to pay any surplus revenues from the sale of electricity above the market cap to EirGrid as the appointed collection agent.
Payment is due by 31 January 2024. If payment has not been received by this date, interest will be due on the late payment at a rate of 0.0219% per day (or part thereof).
Guidance notes to payment: Self-BillingProcess
Any queries that relating to the self-billing and payment process can be emailed to windfalltax@eirgrid.com
Kind regards,
SEMO Team
________________________________
Original Message 04/01/2024;
Dear Market Participant,
The Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Act 2023 was signed into law on 17 November 2023. This requires participants (producers, intermediaries and traders) to pay any surplus revenues from the sale of electricity above the market cap, to EirGrid as the appointed collection agent.
This is a self-billing process and guidance notes on how to make payment has been published on the SEMO website at the link below:
Market Revenue Cap Surplus Assessment Self Billing Process
Payment is due by 31 January 2024.
Any queries that relating to the self-billing and payment process can be emailed to windfalltax@eirgrid.com
Kind regards,
SEMO Team