Fianna Fáil Spokesperson on Communications, Climate Action and Environment, Timmy Dooley has said that the Energy Regulator must explain why the huge differential between wholesale and retail energy prices have not led to lower bills for customers. The ongoing failure to stand up for customers also 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.
“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.
“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 to the extent that it confirms the scale of the problem, it also raises questions for the Regulator about why it hasn’t used its powers on behalf of customers. 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?