Michael Moynihan (Cork North West, Fianna Fail) | Oireachtas source

I move amendment No. 5:

In page 16, between lines 15 and 16, to insert the following:"30. The Minister shall, within 12 months of the enactment of this Act, bring forward a report which shall outline a review of the retail energy market in Ireland, assessing whether or not sufficient competition and regulation is in place to ensure prices are kept low for consumers.".

There is a major issue with the retail energy market. The energy regulator has granted price increases to a raft of energy companies, sometimes far in excess of what those companies sought. Given the level of fuel poverty and the evidence of businesses and families from all socioeconomic backgrounds experiencing energy difficulties, there should be a review of the energy market, particularly the retail energy market. The line on gas is always that we are at the end of a long line and are beholden to external organisations and fluctuations in the market.

Deputies raised points about the regulator but I have a serious concern about how it operates in the granting of increases. We should review the situation. Although this legislation is on Bord Gáis Energy, it should be used as a vehicle to ensure that an annual retail energy report is made and discussed at committees of the Dáil and Seanad. In this way, the regulator would be held to account for price increases, particularly those that were far in excess of the levels requested by the companies involved.

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