Electricity (Supply) (Amendment) Act 2025
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Amendment of section 2 of Act of 2001 | ||
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3. Section 2 of the Act of 2001 is amended by the insertion of the following subsections after subsection (4): | ||
“(5) Subject to subsections (6) and (7), as respects capital stock issued by the Board after the coming into operation of section 3 of the Electricity (Supply) (Amendment) Act 2025— | ||
(a) 90 per cent of such capital stock, to a value of €1,350,000,000, shall issue to the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation in return for payment, and | ||
(b) 10 per cent of such capital stock, to a value of €150,000,000, shall issue to the Minister for Climate, Energy and the Environment in return for payment, | ||
and such arrangements shall apply in place of the arrangements specified in subsection (4). | ||
(6) For the purposes of the payments referred to in subsection (5)— | ||
(a) the Minister for Climate, Energy and the Environment shall request the Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation to approve such payments, being in aggregate the sum of €1,500,000,000, to the Board for the issue by the Board of capital stock in accordance with subsection (5), | ||
(b) the Minister for Climate, Energy and the Environment shall, as soon as practicable after receiving the approval referred to in paragraph (a), request the Minister for Finance to pay out of the Central Fund, or the growing produce thereof, to the Board, for the issue by the Board of capital stock in accordance with subsection (5), the sum referred to in that paragraph, and | ||
(c) the Minister for Finance shall, as soon as practicable after receiving the request referred to in paragraph (b), pay out of the Central Fund, or the growing produce thereof, to the Board, for the issue by the Board of capital stock in accordance with subsection (5), sums not exceeding in aggregate the sum referred to in paragraph (a). | ||
(7) The Board may, in accordance with an approved scheme, within 12 months of the issue by the Board of capital stock in accordance with subsection (5) (in this subsection referred to as the ‘relevant stock’), make available for subscription, to employees of the Board or trustees on their behalf, capital stock— | ||
(a) of the same class, on the same terms and conditions (including terms and conditions relating to the amount to be paid pro rata for the stock), and with the same rights and obligations, as apply to the relevant stock, | ||
(b) in return for payment, and | ||
(c) up to such amount as will enable such employees or trustees to maintain the same percentage of capital stock they held of the total capital stock issued by the Board that they held immediately before the relevant stock was issued.”. |