Darren O'Rourke (Meath East, Sinn Fein)
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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.

Rose Conway-Walsh (Mayo, Sinn Fein)
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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.

Seán Ó Fearghaíl (Kildare South, Ceann Comhairle)
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Is the Bill being opposed?

Mary Butler (Waterford, Fianna Fail)
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No, it is not opposed.

Seán Ó Fearghaíl (Kildare South, Ceann Comhairle)
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Since this is a Private Members' Bill, Second Stage must, under Standing Orders, be taken in Private Members' time.

Darren O'Rourke (Meath East, Sinn Fein)
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I move: "That the Bill be taken in Private Members' time."