I propose to take Questions Nos. 121 and 124 together.
Investigation of anti-competitive behaviour and market failures within electricity and gas markets is the responsibility of the Commission for Regulation of Utilities (CRU), the independent regulator. I have recently written to the CRU 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, to make appropriate recommendations to me as Minister and to suppliers as to possible improvements, and to report on this review when completed.
Responsibility for the regulation of the electricity market is a matter for the which is an independent regulator, accountable to a committee of the Oireachtas and not the Minister. 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. 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: oireachtas@cru.ie. CRU ended its regulation of retail prices in the electricity market in 2011, and in the gas market in 2014. Price setting by electricity suppliers is a commercial and operational matter for the companies concerned.
Government is acutely aware of the impact that the increases in global energy prices continue to have 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. Possible future measures are under consideration in the context of Budget 2024.
