GOVERNMENT MINISTERS CANNOT act like commentators when it comes to ensuring energy companies pass on savings to customers, according to Sinn Féin’s Darren O’Rourke. 

Speaking ahead of his party’s private member’s motion that calls on Government to intervene, he said Taoiseach Leo Varadkar called on energy companies to drop their prices as far back as February.  

Irish wholesale electricity prices have been falling in recent months, but residential customers have not seen such reductions in their bills. 

Over the last 18 months, some customers have seen eight separate increases in their energy bills, said the Meath East TD. 

His comments come as both Finance Minister Michael McGrath and Public Expenditure Minister Paschal Donohoe said companies must begin to pass on the savings as inflation drops. 

McGrath said yesterday that energy companies were quick to increase their price for customers over the last number of months, but the same has not been done now that wholesale prices are falling. 

“Households are struggling to keep their heads above water as government continues to prioritise the profits of energy companies over workers and families at every turn.

“Average gas and electricity bills have doubled over the last year to the point that the price of electricity here is the highest in Europe and the price of gas is eighth most expensive.

“There is no excuse for this. Wholesale prices of gas and electricity have fallen significantly – electricity by half – yet there have been no efforts to pass these savings on to consumers,” said O’Rourke. 

Energy companies are returning “eye-watering profits” while the number of people living in energy poverty doubled over the last year, he said. 

Energy poverty on the rise

St Vincent De Paul will tell an Oireachtas committee today that people seeking assistance for energy poverty has risen significantly in the last year. 

SVP is due to tell TDs and Senators that it received 230,000 requests for assistance in 2022, an increase of 20% compared to 2021.

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Cost-of-living pressures led 230,000 people to seek help from St Vincent de Paul last year

Varadkar says windfall tax is coming and calls on energy companies to drop their prices

Sinn Féin is calling for an energy price cap to be introduced and for the proposed windfall tax to go further in collecting more money from energy company profits.

Last year, Cabinet signed off on the windfall tax which is set to collect the excessive windfall profits from electricity companies that have taken in large amounts of revenue in 2022 and this year. 

While the mechanism is yet to be set out, the revenue will be collected and used to support consumers facing expensive bills. It is expected that the revenues will be used alongside the autumn budget. 

McGrath has said the Government will consider if more energy credits might be forthcoming for the winter months. 

The Sinn Féin motion will be debated in the Dáil today. In an incorporeal Cabinet meeting held today ahead of the debate, ministers agreed a countermotion to the Sinn Féin motion.