Pa Daly: Ireland paying highest electricity prices in EU

In Ireland we have huge potential for a hopeful vision and we have a natural gift of 540 gigawatts of renewable energy in offshore wind. We can achieve energy independence if we have the requisite motivation and we can return to the days when we had the lowest electricity prices in Europe if there is state investment and development. However, currently we are paying the highest electricity prices in the EU. Recent reports from the ESRI and Eurostat show that we are paying 40% more than the European average, €480 more in average bills and we had the third highest increase in costs behind Austria and Romania. And those figures are from 2025 which don't take into account the prepay power recent increases. But heat and power are not luxuries, they are basic necessities that should not cause households to spiral into debt. There are now a record number of households in arrears, nearly 320,000 cannot keep up. Their debt levels are higher now and they last far longer than ever before. Sinn Féin aren't the only ones who are calling this into question. The ESRI has called for an independent investigation and for the regulator to release the relevant data for independent analysis. However, the government and the regulator have refused. One of the key drivers according to Eurostat is network costs. Government hasn't intervened, it says we must get the balance right, we must keep our powder dry or there's nothing they can do and it's all the fault of the war in Ukraine or now the attacks on Iran. But the question remains, why are we paying the highest prices in Europe? Why do our bills fall more slowly here in response to falling wholesale costs when compared to other countries? This do-nothing government is out of touch. They are sitting on their hands and knees while people are pushed to the pin of their collar. Fianna Fáil and Fine Gael continue to act like workers and families are in a position to wait until the budget later on this year. But people are struggling here, struggling now. And they keep asking themselves just how bad does it have to get before the government will step in and act. Fianna Fáil and Fine Gael want people to believe that these prices are out of their control, they're too complex, they're too technical to fix. But we can see that Irish households are being fleeced. Ordinary workers and families are being hit with sky-high bills as well as exorbitant rents and steadily increasing grocery prices. On top of that, mortgage payments and car insurance costs, which are still stubbornly high despite all the breaks and concessions given to that industry. And childcare. The list goes on. After all, you must know, Minister, that Ireland once had the lowest electricity prices in the EU and now we have the highest. It was Fianna Fáil and Fine Gael who presided over this change. Not only did they do nothing to stop it, but they've reinforced the system that caused it. They've chosen not to intervene. They've chosen to protect the corporate bottom line instead of intervening to protect ordinary workers and families. And people are saying the same thing, enough is enough. Meanwhile, energy giants are posting enormous profits, driven by crisis, by war and by instability. And it's not just wrong, it's indefensible. This is not inevitable. But there are solutions. This can be fixed by political decisions, but just requires the will so to do. In Sinn Féin we believe in transparency, in fairness and in an energy system that delivers for the public good rather than corporate profit. If companies are not profiteering or price gouging, they should put their money where their mouth is and prove it. They should be held to account. That's why we're bringing forward legislation which is practical, which we believe is common sense measures, to give the energy regulator more teeth to hold the companies to account. Because while energy credits are absolutely essential as an interim measure, because we need immediate action, and we are calling for the reintroduction of energy credits to give families breathing space now, while we fix the deeper structural problems that have left Ireland with some of the highest energy costs in Europe. So we want to reduce prices long term, but to do that we need to address the fundamental flaws at the heart of our energy markets. So our proposals here would strengthen the oversight of energy companies' pricing and hedging practices, would allow the regulator to investigate and sanction anti-competitive behaviour and increase transparency requiring companies to provide detailed pricing data and make energy affordability a central priority, not an afterthought. For too long, energy companies have operated without meaningful scrutiny. Take their approach to data centres of the government. They consume massive amounts of electricity, they drive demand and they place massive strain on our grid. But who fits the bill? Ordinary workers and families. Households are paying a whopping six to eight times more in network charges than data centres and double the unit price. And what did Eurostat identify as the leading factor in Ireland's extortionate energy costs? The same network charges.