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 recently wrote to the CRU requesting that they conduct a review of the hedging strategies of electricity market participants. As part of this investigation, I have requested that CRU determine whether 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 CRU, 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. The 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 therefore a commercial and operational matter for the companies concerned.
