Ireland’s energy providers are being asked to explain why oil and electricity prices in Ireland are not reducing to reflect the major drops in their wholesale prices.
Limerick TD Kieran O’Donnell stated that “Irish energy companies must explain why they are still holding prices for consumers at high levels despite huge drops in the wholesale prices they pay for the oil and gas that they use to generate energy.
“It is not acceptable if energy providers are paying substantially lower rates for their fuel, but not passing this on to consumers. We need to ensure that consumers aren’t being ripped-off.
“The reality is that Ireland is the fourth most expensive country in the EU for electricity, even though the crude oil market internationally is at its lowest point in six years, and the price of gas on the international market has dropped by almost 30% in the last year.
“This is clearly not reflected in household gas and electricity bills. Indeed, with the drop in temperatures this month, I’m concerned that people may actually be facing high bills despite the backdrop of falling fuel prices on the international markets.
O’Donnell said that he has written to John O’Mahony, chair of the Oireachtas Committee on Transport and Communications, who is responsible for energy policy, requesting that the energy providers be called before the committee on this issue. He expects that deputy O’Mahony and the committee will be inviting the energy providers to appear shortly.
