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While the decision of some energy suppliers to marginally reduce the cost of energy bills is welcome, a clear need still exists for the sectors executives to be brought before the Oireachtas to fully account for the extraordinary prices people in this country are paying when compared to the EU average, according to Independent TD for Laois Offaly Carol Nolan.
Deputy Nolan was speaking after contributing to a Dáil debate on the Energy (Windfall Gains in the Energy Sector) (Cap on Market Revenues) Bill 2023 which provides for a cap on market revenues for electricity generators and which is estimated to raise between €80 million and €150 million from electricity companies.
The Bill is related to the Energy (Windfall Gains in the Energy Sector) (Temporary Solidarity Contribution) Bill 2023, that was published before the Dáil recess which is expected to raise between €200 million and €450 million. The first payment from companies will be due this month and in a second instalment by September 23rd, 2024:
“It is my view that the ‘temporary solidarity measures’ provided for under the Bill published before the summer recess should become an annual or semi-permanent feature if we do not see a major step-change in the exorbitant pricing and standing charges that families and businesses continue to endure,” said Deputy Nolan.
“As I understand it this windfall may also be diverted to support investment in areas such as renewable energy. I would want to see very clear data on what precisely this mean in terms of where the money collected will be or has been distributed.”
“Will it mean reducing the excessively burdensome cost of deep retrofits? Will it be used to reduce the costs or increase the grants around the installation of solar panels on farms and other businesses? Where exactly will these hundreds of millions be allocated.”
“Will it taken from energy suppliers only to be given back to them through circular routes to support their renewable energy efforts?”
“People are sick and tired of these totally baffling levels of energy costs even when you take into consideration the recent reductions from some of the suppliers,” concluded Deputy Nolan.
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