‘Government must act urgently to ensure customers are protected from rip-off energy costs’

Sinn Féin TD Mark Ward says he has called on the government ‘to empower the Irish regulator to protect customers in Dublin from rip-off energy costs.’

Research commissioned by the for Dublin Mid-West TD’s party has found the Commission for Regulation of Utilities (CRU) lacks the powers needed to protect customers from unfair and unaffordable energy costs.

“Energy costs are sky high and this is putting huge pressure on people in Dublin,” Deputy Ward said.

“Too many people are opening their bills to find huge sums they simply can’t afford.

“People need a break from rip-off energy costs and they need it now.

“In Ireland, we pay the highest electricity prices in the EU, adding almost €1,000 to the average annual bill, at a time when wholesale energy prices are at a 2 year low.

“My colleague, Sinn Féin spokesperson on Energy, Darren O’Rourke TD, commissioned research by the Oireachtas Library and Research Unit to examine why this is.

“The report published last week, reveals that Ireland has a very light touch regulator, compared to other European countries where customers are better protected from unfair costs. Government and the energy regulator are acting as commentators on energy prices.

“Government, the CRU and, by extension, the general public are expected to take it at face value, to trust energy companies to pass on savings when they see fit. That’s simply not good enough. It’s clear there isn’t transparency around bills and people in Dublin are paying the price.”

Deputy Ward said in order to ensure there is transparency and accountability in the energy market, the government must act now.

“Sinn Féin are calling for the Irish regulator to have more robust powers, so they can actively step in and protect Irish customers from rip-off costs,” he said.

“The CRU should be specifically mandated to monitor and regulate hedging practice.

“Its powers should be strengthened to monitor anti-competitive behaviour. It should have an expanded role in consumer protection and an increased role in energy poverty monitoring and response – including through the oversight of an expanded Energy Efficiency Obligation Scheme.

“These are practical measures that would ensure the regulator is fit to hold energy companies to account.

“In addition, to ensure transparency and accountability for the public, the CRU should publish, on a monthly basis, the average price of natural gas and electricity supply and the average margin received by natural gas and electricity suppliers.

“This would ensure people can monitor costs. The Irish public deserve nothing less.

“Sinn Féin has repeatedly raised the alarm bell on rip-off energy bills but the government continues to bury their head in the sand.

“Government is clearly asleep at the wheel and needs to get its act together. It’s time to stop the excuses and ensure energy costs are affordable for Irish customers.”