Government urged to introduce measures to reduce energy prices

New research reveals that the price of electricity in Ireland is the highest in Europe, with Sinn Féin spokesperson on the Environment and Climate Action, Darren O’Rourke TD, calling on the government to urgently take action to reduce the cost of electricity.

The Meath East TD said: “The results of this major study of the Household Energy Price Index in 33 countries are extremely alarming. Ireland's unit price is almost double the European average. We are in a similar position when it comes to gas, with residential gas prices being the eighth most expensive of 28 countries surveyed.

“Despite significant falls in wholesale prices for both gas and electricity recently, these reductions have yet to be passed on to ordinary workers and families. Rather, households continue to be crippled by sky-high electricity bills.

He added, “Energy price caps represent an effective tool to redress imbalances in the market and to bring some urgent and necessary relief. Despite them being commonplace across the EU, the government has flat-out refused to adopt this fair and reasonable measure.

“There are no legislative remit to regulate standing charges, making them totally unregulated. The Electricity Regulation (Amendment) (Standing Charges) Bill 2023 would prevent electricity and gas companies using standing charges as a means of increasing their profits, which have increased by over €300 this past year in some cases.

“Households all over the country are calling out for help and the government cannot continue to ignore Ireland’s outlandish electricity and gas prices. It is time to do the right thing and take decisive action to address the financial hardship that is crippling so many people.”