Martin Daly warns of profiteering as Irish energy bills soar
Martin Daly criticised rising energy costs in Ireland, saying households face punitive, unsustainable electricity bills and expressing suspicion of profiteering by suppliers. He urged real pricing transparency, stronger regulatory powers, a rapid expansion of Irish renewable energy and continued targeted supports for low-income households.
Martin Daly pointed to a large gap between wholesale and retail electricity prices, saying ordinary people see bills two to three hundred percent higher than wholesale and struggle to understand hedging. He warned that complexity in pricing "reeks of anti-competitive behaviour" and asked who is watching the watchers, expressing deep suspicion of profiteering by energy suppliers.
He criticised the state regulator's limited powers, noting it cannot cap prices, directly stop unjustified hikes or intervene when retail prices diverge far from wholesale reality. He referenced CRU assertions but said people are not naive about why retail prices are so far above wholesale.
While accepting international causes - rapid post-Covid recovery, reduced investment in fossil fuels over the past decade and the Russian invasion of Ukraine - he highlighted Ireland's specific vulnerabilities, including heavy reliance on natural gas and an expensive grid. He noted that about 40% of energy is already renewable and that the minister has suggested reaching 60% in the next couple of years.
Daly set out priorities: real transparency around pricing, stronger regulatory powers to ensure competition, and a rapid transition to Irish-generated renewable energy. He also urged continued protection for the least-resourced households, citing targeted supports such as an increased fuel allowance and the maintenance of the 9% VAT rate.
Paraphrasing a recent New York City campaign, he said life does not have to be so hard and argued for disruption of the status quo to deliver affordable, clean, abundant and sustainable energy, framing it as a government's job to make life more affordable.
Market concerns and suspected profiteering
Martin Daly pointed to a large gap between wholesale and retail electricity prices, saying ordinary people see bills two to three hundred percent higher than wholesale and struggle to understand hedging. He warned that complexity in pricing "reeks of anti-competitive behaviour" and asked who is watching the watchers, expressing deep suspicion of profiteering by energy suppliers.
Regulatory limits and the CRU
He criticised the state regulator's limited powers, noting it cannot cap prices, directly stop unjustified hikes or intervene when retail prices diverge far from wholesale reality. He referenced CRU assertions but said people are not naive about why retail prices are so far above wholesale.
Acknowledged causes and energy mix
While accepting international causes - rapid post-Covid recovery, reduced investment in fossil fuels over the past decade and the Russian invasion of Ukraine - he highlighted Ireland's specific vulnerabilities, including heavy reliance on natural gas and an expensive grid. He noted that about 40% of energy is already renewable and that the minister has suggested reaching 60% in the next couple of years.
Policy demands and household protections
Daly set out priorities: real transparency around pricing, stronger regulatory powers to ensure competition, and a rapid transition to Irish-generated renewable energy. He also urged continued protection for the least-resourced households, citing targeted supports such as an increased fuel allowance and the maintenance of the 9% VAT rate.
Broader message on affordability
Paraphrasing a recent New York City campaign, he said life does not have to be so hard and argued for disruption of the status quo to deliver affordable, clean, abundant and sustainable energy, framing it as a government's job to make life more affordable.
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Transcript
like to add to Deputy Crow's congratulations on the manner in which you hosted the visit of President Zelensky yesterday and his entourage. Minister, rising energy costs in Ireland seem like they are inexorable and progressive without restraint and any hope of correction, punishing and unsustainable. It affects families, businesses, the economy and competitiveness. While I accept this is an international problem because of rapid economic recovery after Covid, reducing investment in fossil fuel production in the last decade and then the Russian invasion of Ukraine, we still have to have cognizance of the fact that households are opening bills with a sense of dread, electricity costs amongst the highest in Europe and people don't need another index, they need fairness. Something is deeply off about this market. Ordinary people can't understand electricity retail prices two to three hundred percent higher than wholesale prices and I can understand hedging but this deep suspicion of profiteering and there is a moral hazard and our energy suppliers are no less susceptible to this than anyone else. Try and explain hedging to ordinary people and families. Ireland has vulnerabilities, we rely heavily on natural gas and an expensive grid and the drive to sustainable clean solar and wind generated energy takes time and thankfully 40% of our energy is already renewable and Minister O'Brien has suggested we will get to 60% in the next couple of years. But none of this explains why the gap between wholesale and retail electricity is bigger here than almost anywhere else in Europe in spite of the CRU assertions. People aren't naive, they are asking who is watching the watchers. Right now the state regulator can't cap prices, it can't directly stop unjustified hikes and it can't intervene when retail prices diverge far from reality. We need a market that works not one that hides behind complexity because complexity reeks of anti-competitive behaviour. Here is what I believe must happen. First real transparency around pricing, not vague statements. Second strong regulatory powers that ensure competition. A rapid transition to Irish generated renewable energy. And finally we must continue to protect households with the least resources and the government has done that with targeted supports such as increased fuel allowance and the maintenance of the 9% VAT rate. Paraphrasing a recent successful election campaign, a country we can afford, running for office to lower cost of living for working class people, building affordable housing, child care for all, reducing the cost of energy, ensuring affordable groceries. That wasn't in Ireland, that was New York City. Life doesn't have to be this hard, life can be more affordable and it's a government's job to deliver it. That was Zohani Mamdani in New York City. These issues are international, but we must solve our own problems by disruption of the status quo and a meaningful, determined strategic development of affordable, clean, abundant, sustainable energy. Thank you. Thank you very much.