Electricity and gas retail markets in Ireland operate within a European regulatory regime wherein these markets are commercial, liberalised, and competitive with the market being overseen by the Commission for the Regulation of Utilities (CRU).
The Government is deeply conscious of the impact which rising energy prices, driven by an unprecedented increase in wholesale prices and the Russian invasion of Ukraine, have had on Irish consumers and businesses. The Government has made a number of important commitments in respect of addressing these energy price increases, both in terms of the review of the regulatory framework and increasing Ireland’s overall energy supply and independence.
The Programme for Government acknowledges the increased energy cost pressures on households and businesses and aims to bring forward measures to help contain energy costs.
Also under the Programme for Government 2025, Government has committed to commissioning an independent review into the speed and level of pass through from wholesale prices to retail prices, with an additional assessment of the overall price dynamics and an overall focus on the competitiveness of the Irish economy. This is a priority and will form part of the work of a cross governmental taskforce which I have asked my officials to establish, to examine the cost drivers of energy bills with a view to maximising affordability while meeting Ireland’s energy and sustainability goals.
