Burke seeks energy market review as fuel prices rise

Minister for Enterprise, Tourism and Employment Peter Burke has written to the Competition and Consumer Protection Commission (CCPC) requesting that it carry out a review of the retail energy market, following increases in fuel prices amid the war in the Middle East.

The CCPC, which operates under the remit of the minister’s fepartment, may carry out investigations prompted by market evidence encountered or specifically at the minister’s request.

Minister Burke said he has been monitoring national trends and local reports on rising prices.

“I have been made aware of reports of rising fuel prices nationally and locally, including in Mullingar, Athlone and across Westmeath, in the wake of the conflict in the Middle East. Families and businesses are understandably concerned about any further increases in the cost of living,” he said.

The current crisis in the Arabian Gulf, a key provider and conduit for global energy supplies, may contribute to upward pressure on energy prices – however, the minister said it is vital that any increases passed on to consumers are proportionate.

“While international events can have a direct impact on wholesale energy markets, it is essential that any price increases for consumers are proportionate and fully justified,” he said.

“People need to have confidence that the market is operating fairly,” he said.

The minister said his concerns are also informed by engagement through the Cost of Business Advisory Forum, which he convened last year, where issues around competition and transparency in the energy market were raised.

Similar concerns were highlighted at a recent meeting of the Cabinet Subcommittee on the Economy, Trade and Competitiveness.

As part of the review, Minister Burke has asked the CCPC to engage with other regulators and stakeholders, including the Commission for Regulation of Utilities.

“Ireland already experiences high energy prices; we are currently fifth highest in the EU according to the most recent Eurostat data,” he said.

“There are historic reasons for that, including our dispersed population, low level of interconnection with European markets and our dependence on imported energy,” he said.

“It’s imperative that we ensure the market is competitive and fair for consumers, particularly at a time when households and businesses in Athlone, Mullingar and across Westmeath are under sustained cost pressures.

“That’s why I have asked the CCPC to carry out this review to ensure we are using all the levers at our disposal.”