Johnny Mythen (Wexford, Sinn Fein)

Looking at the energy markets today, it is hard not to see the amount of profiteering and rip-off prices that are fleecing ordinary people in this country. It is not hard to figure out who is doing it. Bord Gáis Energy is increasing its rate by 13.5%, SSE Airtricity by 9.5% with a 12% surcharge, Flogas by 7%, Energia by 12.1% and Pinergy by 9.83%. The ESB made profits of €700 million last year. Energia made an operating profit of €154 million. Shareholders are receiving handsome dividends out of ordinary people's pockets. Most of these companies are owned by outside interests. These hikes will have a significant impact on the lives of millions of people. Some small businesses will go to the wall while it is certain that more and more households will fall into deeper debt and energy poverty.

This issue must be tackled head on and with urgency. The solution is in the Government's hands. We have the highest electricity prices in Europe. This profit bonanza for these energy companies must be challenged and stopped. The Government has the power to increase the mandate of the energy regulator to hold these companies to account and to prevent them from exploiting and manipulating the markets. It also has the power to change the archaic metric measure used to compare one source of energy to another - known as the levellised cost of energy measurement - and replace it with a more modernised comprehensive measurement.

Another thing that can be done is to tackle the planning delays in renewable energy projects, which will help reduce costs. The Government can make sure that high energy users such as high-tech data centres pay their fair share instead of being subsidised by ordinary householders. Fianna Fáil and Fine Gael have said they will not introduce a cost-of-living package regarding energy credits during a cost-of-living crisis when people are finding it extremely difficult to get by on a weekly basis and pay their energy bills, during a homelessness crisis with over 5,000 children in shelters and bed and breakfasts, and when small businesses in rural Ireland see their livelihoods slipping away due to high energy costs and fuel hikes. This is the time to support the people. With billions of euro in surplus, there is no excuse for not looking after the elderly and the hard-working people of this country. It is time to step up to the plate and support this motion.

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