Christopher O'Sullivan (Cork South West, Fianna Fail) | Oireachtas source

I thank the witnesses for presenting to us and for their engagement so far. I have two questions; possibly three, if time allows. I would appreciate as quick and succinct answers as possible to the two questions. Reference was made to protecting consumers. That is what I would like to focus on at the outset. At the weekend we saw companies reporting six-monthly profits of almost €400 million.

Consumers, both domestic and business, are experiencing the biggest hikes in energy prices in my memory, if not in living memory but I do not see any recommendations from the CRU on ways to curb or regulate those profits to the benefit of consumers. There are recommendations that will impact energy companies including extending moratorium periods for disconnections and extending debt repayment periods and while these amount to regulation of energy companies, surely we should see recommendations that go further. It is very hard for us to justify the use of six-month profits of around €400 million for future investment in infrastructure. Various arguments have been made in defence of that but we cannot justify it when consumers are at their wits' end, struggling and worried about repayments. I ask the CRU representatives to comment on that. There are no recommendations like capping unit prices or other measures that would have a real impact on consumers' bills. The CRU has a role in protecting consumers and regulating energy companies in that context.