As Minister, I meet with a range of stakeholders on an ongoing basis across a range of important topics, including energy prices. This includes energy suppliers. In addition to these meetings, officials from my Department meet with gas and electricity suppliers on a regular basis and a key message made to them through these meetings is the critical importance of consumer prices being reduced as soon as possible.
However, the retail electricity and gas markets are commercial and price setting is a matter for individual suppliers. Responsibility for the regulation of the retail gas and electricity markets was assigned to the Commission for the Regulation of Utilities (CRU) under the 1999 Electricity Regulation Act and subsequent legislation. CRU is accountable to the Oireachtas and not to me as Minister. CRU has a dedicated email address for Oireachtas members to contact them at: oireachtas@cru.ie.
The most significant factor affecting retail electricity and gas prices in Ireland remains the wholesale price of gas. While wholesale prices have reduced from their peak in August 2022 they are still trading significantly above their pre-pandemic levels. A sustained period of lower wholesale prices may be required before retail prices can fall, as a result of supplier hedging strategies.
