Sir, – The evidence of representatives of the Commission for Energy Regulation to a Joint Oireachtas Committee highlighted just what a disaster deregulation of the energy market has been for Irish energy customers (”Gas and electricity bills likely to stay high, warns Commission for Energy Regulation , News, May 10th).
In his submission, the chairman of the Commission for Energy Regulation highlighted the importance of company hedging strategies in determining market pricing before acknowledging that his agency has “no insights into what the hedging strategies of individual operators continue to be”.
He also acknowledged that the regulator has no power to compel suppliers to lower their prices. These prices have condemned hundreds of thousands of energy customers to energy poverty while vastly increasing the profits of energy supply companies. They have also compelled Government to provide expensive price supports to mitigate their impact in the electricity market.
In light of all this, is it not fair to ask exactly what the regulator is “regulating”, what precise benefits this process confers, and on whom? – Yours, etc,
EAMON CLARKIN,
Foxrock,
Dublin 18.