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

I thank the Minister for his reply. One of the main energy suppliers in the Irish market, ESB, made a profit of some €425 million in 2013, an increase of 23% on the previous year. My understanding is that the CER is there to protect householders and businesses by ensuring there is a competitive market and helping them to secure the cheapest possible electricity. I am concerned that the commission is not doing its job. Indeed, if an energy provider can make close to €0.5 billion in profits on the backs of Irish householders and business owners, it seems clear the CER is not fulfilling its protective role.

In the past three or four years, whenever energy prices have risen on the wholesale markets, energy providers have immediately raised the cost for consumers. When wholesale prices go down, however, the suppliers claim they must wait until the reserves are used up before they can reduce retail prices. It is time the CER justified its existence in terms of how it sets electricity prices in a situation where a prominent energy provider made profits of more than €400 million last year. I understand the Minister's point regarding statutory powers and so on, but I urge him to take a hands-on approach to address this unacceptable situation.

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