Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

This legislation seeks to make amendments to the Electricity Regulation Act 1999 to give the Commission for the Regulation of Utilities increased powers and to monitor and regulate the electricity market. This is important legislation that will stand up for people and better protect them against higher prices. As my colleague, Sinn Féin's spokesperson on climate and energy, Deputy O'Rourke, stated, this Bill will increase oversight of hedging practices, which is hugely important, expand powers to monitor anti-competitive behaviour and enhance consumer protections and ultimately electricity affordability. It will increase transparency and reporting. We saw a situation where wholesale electricity prices came down and people were left waiting for months and are still waiting to see that translate into their bills. The Government was happy to just take the word of electricity companies that they were doing all they could to pass the savings to households and businesses.

While the Government and regulator act as mere commentators, Sinn Féin is ready to tackle the issue head on. Our legislation would ensure the regulator has the teeth to rein in energy companies. It also would enhance transparency and accountability, bringing Ireland in line with European counterparts.

This Government has taken a hands-off approach to our electricity markets and, most importantly, the electricity pricing system. This legislation is an important step forward and, if implemented, will make a real difference in people’s lives, but we also need to do more. This Government stood back while electricity prices soared from early 2022, and they are still at high levels today. Electricity companies made off into the sunset. This huge transfer of wealth from households to corporate profits was absolutely staggering. This hurts the elderly, workers, families, businesses and the economy. The Government refused to apply a windfall tax on electricity companies. I urge it to take course and get off the benches. This is too important an issue. The Government has an opportunity with this Bill to take a step in the right direction.

This Bill is hugely important. If any of us here have dealt with electricity or energy companies, we will know how difficult it is to get any transparency and, in fact, to get anyone on the other end of the phone to speak to at all. I have had similar issues with huge electricity bills where I have tried to get the companies to see errors and mistakes they have made. That is as well as having their tariffs exceptionally high. They have made hundreds of millions. We can see the direct transfer from people’s pockets right into these companies. It is not right and it has to be stopped.

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