Yesterday, I raised with the Taoiseach the scandal of big energy companies shamelessly ripping off and gouging households. I outlined how the latest report from the International Energy Agency highlights that Irish energy bills are three times higher than the wholesale cost of energy. The cost of energy has dropped significantly since 2022, but these companies are not passing on savings to hard-pressed customers. Instead, they pocket the savings to boost their own massive profits. Proof of Irish households being so blatantly ripped off should provoke the Head of Government into action, determined to rein in these companies. I asked him a very straight question: what will he do to end this rip off? In response, he offered absolutely nothing. Having already withdrawn energy credits, the Taoiseach now shrugs his shoulders as households are taken for a ride and as more than 1 million households face big hikes in their electricity bills this month.

People are very worried. I spoke with one woman last night who is at her wits' end. She and her husband have three kids. They both work and they are worn out from paying rip-off bills. This woman is up to ninety wondering how she will afford increased electricity bills this winter. She told me that she fears they will go into arrears and that they might face being cut off because she simply does not have a euro to spare. I was contacted recently by another mother. Her husband works full time. She says the unaffordable cost of childcare prevents her from working. She wrote to me, stating:

Our ESB bill became so high over the past two years that we were left with no choice but to switch to a pre-pay system, just to ensure the electricity was not cut off. I am extremely worried now as we face winter. We can't afford oil to heat our home. We are drowning in bills and we are struggling to stay afloat.

This is what the rip-off means in real life, and the Taoiseach allows it to happen. In other EU states, governments ensure that the regulators have full oversight of the hedging practices of energy companies, but this Government is happy to take companies at their word. That is weak and, at best, naive. We produced a Bill that will provide the regulator with such powers. We have been raising this matter for the past three years. The Government should, of course, implement this legislation and start putting manners on these companies.

Tá Fianna Fáil agus Fine Gael sásta suí siar agus tada a dhéanamh agus ligean do na comhlachtaí fuinnimh leas a bhaint as teaghlaigh na hÉireann. Diúltaíonn an Rialtas seo seasamh ar son oibrithe agus teaghlaigh agus i gcoinne phraghsanna arda fuinnimh.

In almost every other EU state, the drop in the wholesale cost of energy is being passed on to the customer. Households are getting a break, but it is not happening here. This disinterested, out-of-touch approach from the Government cannot continue. Yesterday, he said that he recognises and accepts that price gouging is happening. Back in July, when he was challenged on the floor of the Dáil, he said " we ... have the guts to take on anyone who is engaged in price gouging, absolutely." So far, this Government has been gutless. He is the Head of Government. He should do his job. Can he please tell households what exactly he will do to protect them from this blatant gouging and blatant profiteering?

Hear, hear.

Ní aontaím leis an méid atá ráite leis an Teachta maidir leis an méid atá á dhéanamh ag an Rialtas ó thaobh an bhrú atá ar chosmhuintir na tíre maidir leis an ardú sa chostas maireachtála. Admhaím go bhfuil ardú ann, go háirithe i gcúrsaí bia agus cúrsaí fuinnimh. Tá cinneadh déanta ag an Rialtas cóir agus tacaíocht a thabhairt do dhaoine ar ioncam íseal agus atá ag brath ar leasa shóisialaigh.

The Government is very conscious of the enormous pressure on people on the ground in respect of the cost-of-living increases that have occurred over the last number of years, particularly the elevated food and energy prices relative to previous times. That is why in the budget we moved to take a number of key decisions to reduce pressure on a number of families, particularly low-income families and those who depend on social protection, and families more generally. The Deputy knows that historically the VAT rate was at 13.5% for gas and electricity. In the budget, we reduced it to 9% and we have made that applicable up to 2030. It will stay at 9% for the next five years. That comes with considerable cost, but we have to do it; otherwise, prices would be up even higher. We have increased the fuel allowance to €38 a week. That is a 15% increase. That will give an additional €140 to over 460,000 recipients. We have expanded that payment to include those in receipt of the working family payment. We have not stood back. We have been very conscious in our budgetary measures to try to protect those most in need from the effects of energy price increases, which we acknowledge and which are difficult in themselves.

We also have a very significant retrofitting budget, which does help those who benefit from that in terms of their household energy bill. About €558 million has been allocated this year for residential and community energy schemes, particularly the warmer homes scheme at about €280 million. Significant sums and resources have been allocated to get household energy costs down. About 8,000 energy upgrades in low-income households happened as a result of the warmer homes scheme. In previous years, yes, we did universal energy credits. We have been criticised for the high level of public expenditure. Sinn Féin wants to go another €4 billion or €5 billion, which would add 2% to inflation and increase the cost of living for people. We are about the eighth highest in terms of electricity prices across the EU 27, adjusted for purchasing power parity. The Minister has met with the companies. Anyone in arrears will be helped. People in arrears will be helped and assisted, outside of those on higher income thresholds. We have a regulator in this country, the CRU.

It published a report in 2023. It is very conscious of the hedging policy. The CRU, not me, argues that when prices went up, the hedging impacted beneficially but it is slow coming back down. Companies should reduce the prices and should reflect much more quickly the wholesale price reductions. The Minister will continue to engage with those companies. What has to happen overall is that the system has to change. He has set up a group to change the regulatory framework. We also have to do it with the European Union because gas has been the price-setter. The fundamental issue is the overall regulatory framework across Europe that governs the price of energy.

Wholesale prices are down considerably, by over 70%, and that reduction is not being passed on, so bills are rising. Energy companies are profiteering, turning huge profits, and the Government is sitting idly by. Families and workers are struggling hard and the Government sits idly by. It is too lily-livered or perhaps too indifferent to bother to intervene and take this on.

I notice the Taoiseach's language is rather more watery today, but he acknowledged and accepted yesterday that blatant gouging and profiteering are occurring. Surely he accepts that families are struggling in the midst of a cost-of-living crisis. I want to know what he is going to do about it. He is not a commentator or some passive bystander. He is the Taoiseach. He is the Head of Government. I ask him to tell me how he will put a stop to this blatant gouging and profiteering. I ask him to tell me the precise actions he proposes to take.

Hear, hear.

The Deputy is operating from a prepared script. That is obvious.

Answer the question.

She is not.

I have just outlined the measures we have taken to help people, particularly those on low incomes. I am sure the Deputy agrees, by the way. I am sure she acknowledges the increase in the fuel allowance and its expansion into the working family payment cohort, and the reduction of the VAT rate to 9% for the next five years. I am sure the Deputy welcomes all of that-----

The prices are through the roof.

The bills are going up.

-----and acknowledges that those are decisions the Government has taken. We will continue to help people who are in difficulty, in particular.

The Taoiseach does not live in the real world. That is the problem here.

With the greatest of respect-----

Deputy, the Taoiseach did not interrupt you.

The Taoiseach does not live in the real world.

The Deputy thinks she lives in the real world-----

Oh, I very much live in the real world.

-----but there are times when I think she lives in a political bubble. She should not be casting aspersions on other people in the House.

It is a statement of fact.

We all come from backgrounds, by the way. I know exactly what the real world is all about-----

Do you?

-----and I engage with people all the time.

Well then do something about this.

All along during the energy crisis, the proposals Sinn Féin came forward with, particularly during the energy crisis-----

You are the Taoiseach.

-----after the invasion of Ukraine by Russia, would have been catastrophic. Sinn Féin now wants us to do more to underpin the companies.

The Taoiseach still has not answered what he is going to do.

Sinn Féin wants us to support the companies further and further.

The Deputy asked what the Taoiseach is going to do. If the answer is nothing, then say "Nothing" and sit down.