Darren O'Rourke (Meath East, Sinn Fein) | Oireachtas source

I move:

That leave be granted to introduce a Bill entitled an Act to amend the Electricity Regulation Act 1999 to give the Commission for Regulation of Utilities (CRU) the legislative remit required to effectively monitor and regulate standing charges on electricity and gas bills, and to provide for related matters.

The past 18 months have put into sharp focus just how essential it is we have a regulatory body that has the ability to effectively monitor and supervise the energy market. Instead, what we have is absolute chaos. While workers and families continue to be crippled by sky-high energy prices, energy companies seem to have free reign to do as they please. Most people were shocked to learn that standing charges are not regulated by our regulator, the Commission for Regulation of Utilities, CRU. As ridiculous as it seems, it helps to explain why some energy companies were free to increase their standing charges by €300 last year. One supplier was even charging up to €700 per year in standing charges alone. That is €700 before one even switches on a light.

This Bill would provide a legislative basis for the CRU, not only to effectively monitor standing charges and investigate suspected incidences of their use to increase profits, but the power to require suppliers with excessive rates to decrease them to cover their fixed costs only. The Bill would also require utility companies to seek prior approval from the CRU for any proposed increase in the rate of their standing charge. This is one of a suite of measures Sinn Féin has proposed to address the disorder within the energy market and to reign in energy companies. I welcome the opportunity to put the Bill before the House.

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