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 the Regulation of Utilities (CRU) the legislative remit to effectively monitor wholesale and retail prices in the energy market; to increase the frequency and level of reporting; to effectively monitor and regulate hedging practices; to strengthen the Commission's powers to monitor anti-competitive behaviour of gas and electricity suppliers; to expand the Commission's role in consumer protection; to strengthen the Commission's power to address energy affordability; and to provide for related matters.

I am pleased to introduce the Electricity Regulation (Amendment) Bill 2024, along with Deputy Conway-Walsh. For at least the past two years there has been chaos in our energy markets. Prices have surged, profits have soared and people have suffered. Like in housing and health, the Government's inaction and complete failure to plan, prepare and respond has led to a crisis for many people. The levels of energy arrears are surging. Energy poverty has skyrocketed and more and more small businesses are permanently shutting their doors. Although week in and week out I continue to hear the absolute horror stories of people who remain crippled under the eye-watering energy costs, energy companies would have us believe that things are either normal or returning to normal and the Government is content to let them. Instead of demanding and legislating for transparency in how energy companies set their prices, it is happy to give them free rein to charge whatever they want. Sinn Féin on the other hand is ready to hold the energy companies to account.

This legislation equips the regulator with some essential powers that are commonplace in other EU states. With this Bill, the CRU would finally have oversight of energy companies' hedging practices. It is essential that claims by companies are backed up by evidence rather than having to simply take them at their word. At a minimum, big business should be held to the same standard as everyone else. The Bill also provides the CRU with an expanded mandate to tackle anti-competitive behaviour, ensuring energy companies behave in a way that is fair to consumers. Crucially, the affordability of energy would be elevated as a priority for the CRU, advancing consumer protection in the market. Alongside our legislation to regulate standing charges, this legislation reinforces Sinn Féin's commitment to reform the energy market in ways that benefit workers, families and small businesses. I commend it to the House.

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