The Minister for Finance, Michael McGrath TD, has today (Saturday) published the first three-month assessment of the Temporary Business Energy Support Scheme (TBESS). The TBESS was introduced to support qualifying businesses with increases in their electricity and natural gas (energy) costs over the winter months.
The legislation introducing the TBESS is contained in Sections 100 to 102 of Finance Act 2022. Section 100 requires that an assessment of relevant matters in relation to the scheme be carried out at intervals of not less than every three months beginning on 20 October 2022.
The first assessment published today has been undertaken by the Department of Finance with the assistance of the Department of the Environment, Climate and Communications, and the Revenue Commissioners.
Speaking today, Minister McGrath said:
“This is the first assessment of TBESS and contains up-to-date data on the trajectory of energy prices, the impact from, and effects of, increased energy prices on the economy as well as other relevant issues relating to the operation to the scheme.
As of 25 January, 15,275 businesses have registered for the scheme. 9,148 of these have commenced the claim process. 5,793 claims have been approved with a value of €17.49m of which €13.24m has been paid out.
I am urging eligible businesses to continue to make claims under the scheme. Businesses should be aware that the window for making claims in respect of September 2022 will close at the end of this month, so it’s important to complete that claim in the coming days.”
TBESS provides qualifying businesses with up to 40% of the increase in electricity or gas bills up to €10,000 per month, with this cap being increased to €30,000 in certain circumstances. The scheme is administered by Revenue, and covers the period September 2022 to February 2023.
Businesses can find more information about the TBESS on the Revenue website (https://revenue.ie/en/starting-a-business/tbess/index.aspx) and can register for and make a claim under the scheme using Revenue’s Online Service (ROS).
Note to editors:
Assessment report can be found here