August 21, 2023
New entrant to energy market must herald step-change in price regulation – Darren O’Rourke TD

Sinn Féin spokesperson on Climate Action and the Environment, Darren O’Rourke TD, has called for more robust regulation of Ireland’s energy market. 
 
The Meath East TD made the comments in relation to the entrance of new electricity provider, Yuno, to the market.

Teachta O’Rourke argued that the lower rate offered made it clear that it was possible for energy companies to reduce their prices, adding further weight to Sinn Féin’s call for a step-change in energy price regulation. 
 
Teachta O’Rourke said:
 
“According to the CRU’s latest figures, the average annual domestic electricity bill is between an eye-watering €2,023 – €2,886. However, today, a new provider entered the Irish market offering a rate of 38.04c per kilowatt hour which would lead to potential savings of up to €500 for Irish workers and households.
 
“This is certainly welcome news. With electricity prices approximately 80 percent above the EU average, Yuno’s lower rate will provide some much needed reprieve to Irish workers and families who have been struggling under sky-high energy bills for well over a year now. 
 
“What is most significant about this newer unit rate is that it demonstrates there is clearly scope for energy companies to reduce their prices.

“Today’s news comes off the back of the fact that we have repeatedly been told by energy suppliers, by the regulator and even by the government that reduced costs to households were simply not a possibility.

“What today’s news makes abundantly clear is what Sinn Féin has been saying for months now – that energy providers can and should lower their retail prices. 
 
“The fact is that wholesale prices have been falling for months now, leading to falls in retail prices in many other EU states. Yet Ireland remains an outlier, with Irish workers and families failing to see any changes in their sky-high energy bills.
 
“Any benefits of reduced wholesale prices are being gobbled up by energy providers. Prices and profits continue to soar, with the government and the regulator acting as mere bystanders to this chaos. That is totally unacceptable.

“With Winter fast approaching, Sinn Féin is calling on the government and the regulator to get to grips with this situation and to prioritise energy affordability.

“The chaos that has reigned for far too long cannot continue. And what today has shown is that it certainly does not need to.” 

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