Dáil Éireann Debate, Tuesday - 24 January 2023
183. Deputy Catherine Murphy asked the Minister for the Environment, Climate and Communications if he will provide an update in respect of the engagements by the Commission for Regulation of Utilities with energy supply companies regarding the continuing high energy costs for domestic customers, in view of the fact wholesale energy prices have reduced over the past number of months. [2820/23]
View answerResponsibility for the regulation of the retail electricity and gas markets was assigned to the Commission for the Regulation of Utilities (CRU) under the 1999 Electricity Regulation Act and subsequent legislation.
CRU ceased price setting for electricity and gas in 2011 and 2014 and as such price setting is an operational matter for individual supply companies. With wholesale energy costs accounting for around 40% of total supplier costs, a sustained period of falling wholesale gas and electricity prices, can lead to retail market price reductions. However, given supplier hedging that results in a significant proportion of energy purchased several months in advance, and other costs may impact the ability of suppliers to reduce prices, notwithstanding the decline in the wholesale cost of fuel.
CRU is independent and accountable not to me as Minister or my Department but to the Oireachtas and has a dedicated email address for Oireachtas members to contact them for such queries: oireachtas@cru.ie.
Government is acutely aware of the impact that the increase in global energy prices is having on households. That is why throughout 2022 Government introduced a €2.4 billion package of supports and as part of Budget 2023 introduced a package of once off measures worth €2.5 billion. This includes the new Electricity Cost Emergency Benefit Scheme through which €550.47 (exclusive of VAT) is being credited to each domestic electricity account in three payments of €183.49 (exclusive of VAT) in each of the following billing periods: November/December 2022, January/February 2023, and March/April 2023.
Additional Social Protection Measures include:- €200 lump sum payment for pensioners and people with a disability getting the Living Alone Increase- €500 cost of living lump sum payment to all families getting Working Family Payment- double payment of Child Benefit to support families with children- €500 cost of living payment for people receiving Carer's Support Grant - €500 lump sum cost of living disability support grant will be paid to all people receiving a long term disability payment
Furthermore, the Energy Poverty Action Plan, published in December last year, provides for the establishment of a €10 million fund to further support people in, or at risk of, energy poverty this winter and into 2023, including people on PAYG meters. The fund will provide a further safeguard in addition to the supports from suppliers and the Additional Needs Payment operated by the Department of Social Protection.
