The Government looks set to approve a bill which would bring in a windfall tax on energy companies.
The legislation will consist of two parts.
The first is a temporary solidarity contribution, based on taxable profits in the fossil fuel production and refining sectors, for last year and this year.
The second is a cap on the market revenues of some generators - such as wind, solar and oil - in the electricity sector.
The cap would be applied from December 2022 to June 2023.
Excess revenues will be collected and used to support electricity consumers.
The two measures could see estimated gains of between €280 million and €600 million being collected.
The range is broad because there are so many variables, including the cost of energy.
Energy Minister Eamon Ryan has said it is hoped the legislation would be enacted before the summer recess, with the first funds due to be collected in September of this year.
