Message

Affected Period

Status
Closed

Category
Balancing

Run type

Created
04/01/2024 16:18

Last Updated
02/02/2024 11:25

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