Dáil Éireann Debate, Monday - 11 September 2023
136. Deputy Alan Dillon asked the Minister for the Environment, Climate and Communications what measures are being taken to ensure that domestic energy providers are transparent about their pricing and that they are not overcharging consumers; and if he will make a statement on the matter. [38457/23]
View answer137. Deputy Alan Dillon asked the Minister for the Environment, Climate and Communications what is being done to monitor the energy market to ensure that it is functioning properly and that Government can ensure that the decreases in wholesale prices for electricity and gas benefit consumers; and if he will make a statement on the matter. [38458/23]
View answerI propose to take Questions Nos. 136 and 137 together.
Recent reductions in wholesale gas and electricity prices are welcome. The Government expect to see this reflected in retail bills (for households and businesses) as soon as possible.
I welcome the price reductions announced by 4 companies in recent week and I expect that all companies would continue to keep their prices under review.
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: oireachtas@cru.ie.
