Dáil Éireann Debate, Tuesday - 18 April 2023
194. Deputy Róisín Shortall asked the Minister for the Environment, Climate and Communications if he has liaised with the Commission for Regulation of Utilities on the issue of energy companies reducing electricity and gas prices for their customers, given the significant fall in European wholesale gas prices over recent months; when it is expected such reductions will take place; and if he will make a statement on the matter. [17203/23]
View answer201. Deputy Eoin Ó Broin asked the Minister for the Environment, Climate and Communications if the Commission for Regulation of Utilities has had any engagement with utility providers regarding a reduction in the prices they currently charge household customers, given the fall in wholesale energy prices; and if he will make a statement on the matter. [17401/23]
View answerI propose to take Questions Nos. 194 and 201 together.
Officials from my Department have ongoing engagement with CRU and the utility companies on the issue of prices outlook, customer protections and related matters.
Responsibility for the regulation of the electricity market is solely a matter for the Commission for Regulation of Utilities (CRU) the independent energy regulator. The CRU was assigned responsibility for the regulation of the Irish electricity sector following the enactment of the Electricity Regulation Act, 1999 and subsequent legislation. It is a function of the CRU to regulate the electricity market. CRU ceased price setting for electricity and gas in 2011 and 2014 and prices are set by suppliers.
Government is acutely aware of the impact that the recent increases in global energy prices has had on households and has prioritised action across Government to support people to stay warm and well. This is why a €2.4 billion package of supports was implemented during 2022, and a package of once off measures worth €2.5 billion included in Budget 2023. The Budget package included an 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). The first two payments have already been made to accounts and the third is being credited by suppliers to accounts since 1 March. The estimated cost of this scheme is €1.211 billion.
On the 21st of February Government announced a further €470 million package of measures to help social protection recipients from April to July and an extension to the reduced VAT rate on electricity and gas bills until October.
The CRU accountable to a committee of the Oireachtas and not the Minister. The CRU also has a dedicated email address for Oireachtas members oireachtas@cru.ie.
