Dáil Éireann Debate, Wednesday - 26 April 2023
41. Deputy Ivana Bacik asked the Minister for the Environment, Climate and Communications if he or his Department have been provided with advice by the Commission for Regulation of Utilities on retail energy prices in 2023; and if he will make a statement on the matter. [19679/23]
View answerOn 31 August 2022, the CRU presented to the Energy Security Emergency Group results of modelling on hypothetical retail electricity price scenarios. These scenarios examined the possible impact on Estimated Annual Bills (EAB) that a household may face from a theoretical supplier across Q4’ 2022 to Q3’ 2023, given the increased volatility in wholesale gas prices following the Russian invasion of Ukraine and other variables.
The calculations were based on data that was available in August 2022 and therefore crucial assumptions have changed significantly since the time of the analysis. Given its role as an independent regulator in an open and competitive marketplace, the CRU does not normally engage in forecasting the trends of either wholesale gas prices or supplier prices, given the range of variables that affect both of these. The projections were thus provided only due to the exceptional nature of the emergency, and on a strictly confidential basis.
