I welcome this Bill. I support it and thank Sinn Féin for introducing it. The Bill gives the Commission for Regulation of Utilities the power to monitor wholesale and retail prices in the energy market; to increase the frequency and level of reporting; to monitor and regulate hedging practices; to strengthen its powers to monitor anti-competitive behaviour of gas and electricity suppliers; to give an expanded role in consumer protection; and to strengthen its powers to address energy affordability. The Bill is definitely going in the right direction but we must go further and more must be done. The Bill raises the whole issue of Ireland's soaring energy costs, which are the highest in Europe. Households in Ireland are now paying €480 more in electricity that in other countries, with overall energy costs costing households an additional €2,000 a year each. Families are being fleeced and energy companies are taking advantage of the illegal US war on Iran to make families pay through the nose while making huge, unearned war profits. Statistics on profits are horrendous. The oil companies are making $30 million per hour in unearned war profits. In March alone, these companies made an extra $23 billion in unearned war profits. It means they will have an additional $234 billion in unearned war profits in 2026. These profits are coming straight out of the pockets of the public who are paying higher prices. These are windfall, unearned war profits. They must be subject to a significant windfall tax. That tax can be used to offset the huge cost to ordinary workers and families. This whole area is flooding into the most horrendous cost-of-living crisis we have ever seen. The Government's withdrawal of energy credits in the 2026 budget and its refusal now to reintroduce energy credits means that record numbers of households are in arrears. In fact, approximately 500,000 families are in arrears on their gas and electricity bills. Some 317,000 families were in arrears on their electricity bills in February. This is an increase of 58,500 compared to the same month last year, a rise of 23%. Furthermore, 191,000 families are in arrears for over 90 days, up 36,000 or an increase of 23% on the same time last year. The level of debt has also reached new heights. The average amount now owed by families is €492.72, an increase of €64.94 on last year. Families now owe electricity suppliers €156 million. On gas, 179,500 families are in arrears on gas bills, up 8,000 on the same period last year. In fact, a quarter of all gas customers are in arrears. It is now a question of heat or eat for these families. Many families are at or beyond breaking point. The level of disconnections indicates that is the case, as they are up 64% on the same time last year. That is an outrage, and it outrageous that the Government refuses to introduce energy credits in this situation. Do not tell us that these credits are unsustainable or that the Government does not have the money or needs to be prudent. We know - and if the Minister of State read the Sunday Business Post on 3 May, he would know - that the Government has €39 billion in State cash reserves held by the National Treasury Management Agency. They are liquid assets. Two weeks ago, the Government announced an increased budget surplus for 2026, up from €5 billion to €9.2 billion. There was a budget surplus in 2023 and 2024 of €30.9 billion and there are rainy day funds, the Future Ireland Fund and infrastructure funds of another €20 billion. The truth is that the Government is awash with money. Before the 2024 general election, the Government found €2.2 billion for a package straight from the back of a couch to help it win and buy that election. It is time to now reintroduce credits. Families are at breaking point. They are at the pin of their collar and they need energy credits now of at least €500 each.

Sentiment score: 0.12