Sinn Féin spokesperson on Finance Pearse Doherty TD has said the government must intervene to ensure energy companies making eye-watering profits pass on huge savings made on wholesale charges to domestic customers.

The Donegal TD was speaking after the Central Statistics Office today reported that the annual inflation rate had risen to 8% in February compared to 7.5% in January, confirming that there has been no let-up in the cost-of-living crisis faced by ordinary citizens.

Teachta Doherty said:

“In the midst of a cost-of-living crisis, households are bearing the brunt and being overwhelmed by sky-high bills while energy companies continue to rake in eye-watering profits.

“The CSO reported today that the annual rate of inflation went back up to 8% in February, compared to 7.5% in January – further proof that ordinary citizens are struggling to keep their heads above water.

“Confirmation this week that Electric Ireland will reduce bills for small and medium enterprises by 10%, starting today, is welcome relief for those businesses. 

“But there has been no let-up for domestic customers. 

“This is where people need a government who stands up for them. Instead we have a government who are facilitating these greedy profits.

“Energy prices remain sky-high for ordinary citizens who were dismayed that there were no meaningful measures in the government’s cost-of-living package announced last week to reduce extortionate bills for electricity, gas and home heating oil.

“It is extremely concerning to see the extent of worry and concern etched on so many people’s faces.

“Month on month, week on week, workers and families are being completely overwhelmed about whether they will have the ability to pay their next bill.

“The government cannot remain inactive on this issue, they cannot abandon people who need help the most, and they cannot keep dithering on introducing windfall taxes.

“They need to intervene now to ensure that energy companies pass on reduced wholesale energy costs to their domestic customers in full, not just a small group of business customers.”