Energy Prices

Dáil Éireann Debate, Thursday - 13 July 2023

Thursday, 13 July 2023

Questions (161)

Darren O'Rourke

Question:

161. Deputy Darren O'Rourke asked the Minister for the Environment, Climate and Communications further to Parliamentary Question No. 72 of 15 June 2023, regarding his request to the CRU to investigate pricing strategies, taking account of the hedging strategies of electricity market participants and any possible market failures, if he will provide an update and report on this request and the outcome of the investigation; and if he will make a statement on the matter. [35008/23]

Written answers

Minister for the Environment, Climate and Communications

I have recently written to the regulator, requesting that they investigate the pricing strategies in place, taking account of the hedging strategies of the electricity market participants. As part of this investigation, I have asked CRU to ascertain if there have been any market failures, particularly where vulnerable customers are concerned.

Responsibility for the regulation of the retail gas and electricity markets was assigned to the Commission for the Regulation of Utilities (CRU) under the 1999 Electricity Regulation Act and subsequent legislation. CRU is accountable to the Oireachtas and not to me as Minister. CRU has a dedicated email address for Oireachtas members to contact them at: [e-mail].