I propose to take Questions Nos. 129, 148 and 149 together.
Responsibility for the regulation of the retail electricity and gas markets was assigned to the Commission for the Regulation of Utilities under the 1999 Electricity Regulation Act and subsequent legislation. CRU ceased retail price setting for electricity in 2011 and gas in 2014. It is a function of CRU to regulate the market including market monitoring. The most recent market monitoring report is available at: www.cru.ie/wp-content/uploads/2021/11/211013-Energy-Water-Monitoring-Report-2020.pdf. In addition, my Department engages closely with the CRU, which examine market trends on an ongoing basis.
Government is acutely aware of the impact of high electricity and gas prices, and has introduced a range of measures to mitigate their impact. The most immediate factor affecting electricity prices in Ireland and Europe is high international gas prices where we are a price taker. Gas prices are now unprecedentedly high, which feeds directly through to retail electricity prices as the wholesale price of electricity correlates strongly with the price of gas. Government has already put a €2.4 billion package of policies and measures in place to support people and continues to monitor this unprecedented and evolving situation closely to inform ongoing consideration of further action, particularly in the context of Budget 2023.
The CRU have a dedicated email address for Oireachtas members oireachtas@cru.ie.
