Sinn Féin spokesperson for Climate Action and the Environment, Darren O’Rourke TD, has said that Electric Ireland’s example must be followed by other suppliers in the electricity market in order to provide the urgent relief that ordinary workers and families need.

Teachta O’Rourke said:

“Today, Electric Ireland announced that it will cut the cost of its domestic electricity from the beginning of November, and has pledged to absorb the higher network charges that were greenlit by the energy regulator last week.

“It is essential that their competitors now follow suit. First, in lowering prices, then secondly and importantly, in announcing that the network charge increase won’t lead to a price hike on domestic bills via the standing charge.

“There is also the issue of the regressive PSO levy, which the regulator also recently announced would increase from October.

“As well as the significant reform that is required, it is Sinn Féin’s belief that these increases should again distributed more equitably, both by a larger burden being placed on large energy users such as data centres, and by being absorbed by the energy companies who continue to make exorbitant profits.

“While any decrease in the astronomical bills that people have been crippled with will undoubtedly bring much needed relief, it is important not to forget that Ireland’s electricity prices remain some of the most expensive in Europe.

“Since their peak in 2022 following the Russian invasion of Ukraine, energy prices have fallen much more slowly here than they have elsewhere in Europe. The reason for this, energy providers claim, is because of their hedging strategies yet the regulator has absolutely zero oversight of this, or indeed of standing charges.

“The reality is that government inaction is at the heart of these rip-off prices.

“Unlike this Fianna Fáil, Fine Gael and Green government, who seem content to prevaricate while ordinary workers and families continue to suffer, Sinn Féin have set out a suite of measures to help tackle Ireland’s stubbornly high energy prices for good.”