James O'Connor (Cork East, Fianna Fail)
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80. To ask the Minister for Communications, Climate Action and Environment the steps his Department is taking to ensure that electricity price reductions are passed on to customers. [27541/24]

Eamon Ryan (Dublin Bay South, Green Party)
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The electricity and gas retail markets in Ireland operate within a European Union regulatory regime wherein electricity and gas markets are commercial, liberalised, and competitive. Responsibility for the regulation of the electricity and gas markets is solely a matter for the Commission for Regulation of Utilities (CRU).

However, I have been very clear in this House and in other forums that I expect energy price reductions to be passed on to customers as quickly as possible. Energy companies have no doubt of the Government's position on this matter. My Department has reiterated the Government's position in all engagements with companies and continue to monitor the situation.

Government has introduced a suite of measures over recent years to help households deal with the rising cost of electricity. Through the three Electricity Costs Emergency Benefit Schemes 2.2 million households have received €1,250 in on bill support.

This is in addition to one off increases to certain social welfare recipients such as those in receipt of the fuel allowance, pensioners, working families, carers, those living with disabilities and those in receipt of child benefit.

It is welcome that across winter 23/24 all major suppliers announced at least two rounds of price cuts, each in the region of 8-30%.

As of May 2024, all announced reductions have been applied to customer bills.

The price reductions have had a significant impact on the overall retail energy market for electricity and gas, with significant drops in Estimated Annual Bills since their peak in December 2022. The Commission for Regulation of Utilities noted in a recent publication that the emerging trends of stability in wholesale markets mean that there may be room for further price reductions in the latter half of 2024.