Alan Dillon (Mayo, Fine Gael)
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135. To ask the Minister for Communications, Climate Action and Environment what actions he will implement to ensure that the substantial windfall earnings of energy companies throughout 2022 are included in the forthcoming windfall tax initiatives; and if he will make a statement on the matter. [38456/23]

Eamon Ryan (Dublin Bay South, Green Party)
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Council Regulation (EU) 2022/1854 of 6 October 2022 is an emergency intervention to address high energy prices. It is being implemented in Ireland through a Temporary Solidarity Contribution and a Cap on Market Revenues.

The proceeds from the temporary solidarity contribution will be collected by the Revenue Commissioners and remitted to the Exchequer.

It will be a matter for Government, as part of the annual Budget process to determine how the proceeds collected from the temporary solidarity contribution will be distributed.

Council Regulation (EU) 2022/1854 requires the proceeds from the temporary solidarity contribution to be distributed in accordance with Article 17.

The proceeds from the cap on market revenues will be retained by the Commission for Regulation of Utilities (or EirGrid on their behalf) to be used to support final electricity consumers in line with Article 10 of the Regulation.

The Council Regulation details potential suitable measures such as financial compensation and direct transfers to final electricity consumers, lowering the cost of purchasing electricity for energy consumers and promoting investments by final energy consumers into de-carbonisation technologies, renewables and energy efficiency investments.

Alan Dillon (Mayo, Fine Gael)
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136. To ask the Minister for Communications, Climate Action and Environment what measures are being taken to ensure that domestic energy providers are transparent about their pricing and that they are not overcharging consumers; and if he will make a statement on the matter. [38457/23]

Alan Dillon (Mayo, Fine Gael)
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137. To ask the Minister for Communications, Climate Action and Environment what is being done to monitor the energy market to ensure that it is functioning properly and that Government can ensure that the decreases in wholesale prices for electricity and gas benefit consumers; and if he will make a statement on the matter. [38458/23]

Eamon Ryan (Dublin Bay South, Green Party)
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I propose to take Questions Nos. 136 and 137 together.

Recent reductions in wholesale gas and electricity prices are welcome. The Government expect to see this reflected in retail bills (for households and businesses) as soon as possible.

I welcome the price reductions announced by 4 companies in recent week and I expect that all companies would continue to keep their prices under review.

I have recently written to the regulator, requesting that they investigate the pricing strategies in place, taking account of the hedging strategies of the electricity market participants. As part of this investigation, I have asked CRU to ascertain if there have been any market failures, particularly where vulnerable customers are concerned.

Responsibility for the regulation of the retail gas and electricity markets was assigned to the Commission for the Regulation of Utilities (CRU) under the 1999 Electricity Regulation Act and subsequent legislation. CRU is accountable to the Oireachtas and not to me as Minister. CRU has a dedicated email address for Oireachtas members to contact them at: oireachtas@cru.ie.