Significant differences exist between wholesale and retail energy prices, leading Fianna Fáil’s Timmy Dooley to call on the Energy Regulator to explain why bills are not coming down for customers.
As his party’s spokesperson on communications, climate action and environment, Deputy Dooley believes the ongoing failure to stand up for customers raises questions for the Minister, Denis Naughten. His comments follow a recent review of competition in the gas and electricity retail markets by the Commission for Energy Regulation.
According to Deputy Dooley, “The upshot of this research is that savings on wholesale electricity production are not being passed onto consumers. However, in Fianna Fáil we have repeatedly called on the regulator to step in and take action on energy prices. How can the regulator stand over a situation where the wholesale cost of generating electricity falls by 39%, yet retail prices fall by only 3%. This has been ongoing for a period of years, during which the energy companies have been enjoying a massive windfall while gouging their customers.
“The job of the regulator must be to protect the interests of consumers, and while this most recent report from CER is welcome, it also raises questions for the regulator about why it hasn’t used its powers on behalf of customers. Deputy Dooley said, “It also raises the obvious question about Minister Naughten and his predecessor Alex White, why did they sit on their hands for so long while the regulator did nothing?”