Dáil Éireann Debate, Wednesday - 16 February 2022
50. Deputy Denis Naughten asked the Minister for the Environment, Climate and Communications his views on the impact that increased supply of electricity to business compared with domestic consumers is having on domestic electricity costs and prices; and if he will make a statement on the matter. [8467/22]
Amharc ar fhreagraThe electricity and gas retail markets in Ireland operate within a European Union regulatory regime wherein electricity and gas markets are commercial, liberalised, and competitive. Operating within this overall EU framework, responsibility for the regulation of the electricity and gas markets, is solely a matter for the Commission for Regulation of Utilities (CRU), which was assigned responsibility for the regulation of the Irish electricity and gas markets following the enactment of the Electricity Regulation Act (ERA), 1999.In line with long standing policy on deregulating price setting, CRU ended its regulation of retail prices in the electricity market in 2011, and in the gas market in 2014. Given that prices are no longer regulated, they are set by all suppliers as entirely commercial and operational matters by them. Each such company has its own business model and approach to pricing decisions over time, in accordance with factors such as their overall company strategic direction and developments in their cost base. The CRU, as the Deputy will appreciate, is an independent statutory regulator and is accountable for the performance of its functions to the Oireachtas, and not to me as Minister. I have no function in these matters. The Deputy may wish to note that CRU provides a dedicated email address for Oireachtas members, which enables them raise questions on general energy regulatory matters to CRU at oireachtas@cru.ie for timely direct reply.
