Laois TD accuses energy companies of price gouging

ENERGY companies are price gouging, was how the Independent Republican TD for Laois Brian Stanley described the recent hikes in electricity prices.

In a statement the Portlaoise TD said: “We are facing into the dark, cold months of winter in circumstances where families, households and workers are going to be hit with increases in the local property tax, fuel costs for transport, student fees, insurance, rent and food. The list goes on.

“In the past week, four energy companies announced that they are hiking their prices. Energy prices used to go up by 1%, 2% or 3%. Now it is 9%, 11%, 12%, 13% and so on. We have some of the highest electricity prices in Europe. More than 500,000 customers are going to be hit with these increases in the next couple of weeks. Many of them do not have the additional money needed to meet these increases. We already have a record number of people in arrears. It is only September, and they are still getting bills for the summer months. This is the important issue.” 

He said: “The Government has decided to withdraw energy credits and supports in the upcoming budget, yet it had no problem giving them last year. Millionaires got them. That was absolute insanity. I cannot but reach the conclusion that the Government was trying to buy the election.

“Energy companies are price gouging,” said Deputy Stanley. “We know that because of the huge profits they are making. Wholesale prices for electricity have dropped by over 70% in the past three years, but retail costs continue to increase. it is pure profiteering. Over 300,000 households are unable to pay their bills. The Government has also committed to increasing carbon tax, thereby heaping more costs on people.

“The Public Service Obligation (PSO) levy must be restructured. At the moment, the public are subsidising large companies and data centres when it comes to energy costs. Data centres must start paying their fair share and carry the burden for their responsibilities, rather than having domestic customers do it for them.” 

He said: “I am a supporter of wind energy and of solar, biogas, hydrogen and hydro energy. We need to use all the renewable sources we have. According to the answer to a parliamentary question I tabled, it stated that over the past five years €549 million has been given to private companies developing wind farms. The companies involved are highly profitable. We were told that when we had wind energy and renewable energy, particularly wind energy, it would be a lot cheaper. That has not turned out to be the case. It has turned out to be very expensive. The Government needs to explain that.” 

He said a member of the Dáil asked once who owns this energy,” said Deputy Stanley. “He was quoted that over 90% used to be owned by the public. That has been flipped on its head. Now 75% is owned by large corporations over which we have no control. It is real Trumpian stuff. The Government might give out about Trump, but it is copying what he is doing economically and handing over key industries to large companies that are leading us on a merry dance and absolutely ripping off the taxpayer.

“Householders, particularly the lower paid, the disabled and other groups, need help. I appeal to the Minister of State not to pass over them in the budget. The Government does not have to buy an election this year. I ask that it not forget those people.”