Dáil Éireann Debate, Thursday - 8 September 2022
135. Deputy Paul Kehoe asked the Minister for the Environment, Climate and Communications if he will compel or encourage energy providers to provide a greater range of discounts to existing customers and move away from the model of offering discounts for switching or only to new customers (details supplied); and if he will make a statement on the matter. [44041/22]
Amharc ar fhreagraGovernment is acutely aware of the impact of high electricity and gas prices, and has introduced a range of measures to mitigate their impact. The most immediate factor affecting electricity prices in Ireland and Europe is high international gas prices where we are a price taker. Gas prices are now unprecedentedly high, which feeds directly through to retail electricity prices as the wholesale price of electricity correlates strongly with the price of gas.
Responsibility for the regulation of the retail electricity and gas markets was assigned to the Commission for the Regulation of Utilities under the 1999 Electricity Regulation Act and subsequent legislation. CRU ceased price setting for electricity and gas in 2011 and 2014. Price setting by electricity suppliers is a commercial and operational matter for the companies concerned. The Government has already put a €2.4 billion package of policies and measures in place to support people and continues to monitor this unprecedented and evolving situation closely to inform ongoing consideration of further action, particularly in the context of the imminent Budget 2023.
