Oireachtas Joint and Select Committees

Tuesday, 9 May 2023

Joint Oireachtas Committee on Climate Action

Engagement with the Commission for Regulation of Utilities

Ms Aoife MacEvilly:

There is a lot in that question. We are among the highest priced in Europe. We have typically been at or around the euro area average but we had increased our ranking by the end of last year and that is to do with some of the features the Deputy mentioned. We are a peripheral island nation with a high dependence on gas and a low level of interconnection. It is not necessarily the case that our market structure, in terms of the number of competitors, has further contributed to that but it is of concern to us that we have lost competitors in the market. That is why we are doing the supplier of last resort review and we will do everything we can to increase competition. We have taken measures to try to address the scale of customers that remain with Electric Ireland and to empower them to make different choices and find better value. A lot of our focus will be on continuing to sustain competition in the market to drive down prices to the greatest extent possible. What we are seeing are structural issues around the Irish market in terms of geographic location and dependence on gas that would be hard to compete away, so to speak.