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Seanad
‹ Order of Business

Energy bill reductions

Summary

Senator Gallagher criticised energy companies and the regulator for failing to pass on falls in wholesale prices to consumers.

I refer to the apparent slowness and reluctance of energy companies to pass on reductions to hard-pressed householders. A recent report issued by the regulator has found that wholesale electricity prices fell by almost 39% between 2013 and 2016 due mainly to wholesale prices of oil and gas falling during that period. However, the electricity and gas bills of consumers have only reduced by 3% and many are rightly asking why the 39% reduction in wholesale prices is not being passed on to them. The regulator has belatedly - after three or four years - announced a review of what is happening, which I welcome. Will the Leader ensure the review will take place as a matter of urgency in order that reductions in electricity and gas prices will be passed on to hard-pressed consumers?

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