The Irish Government must coordinate with the EU to safeguard energy supply and protect consumers from price gouging amidst the escalating crisis in the Middle East, Fine Gael MEP Maria Walsh has said.
MEP Walsh is also calling on the Commission for Regulation of Utilities (CRU), Ireland’s energy regulator, to carefully monitor the situation for any signs of price gouging in the motor fuel and electricity markets.
Consumers have already reported overnight increases in oil and gas prices, raising concerns that some rises are disproportionate to the current market disruption.
MEP Maria Walsh said:
“With the ongoing atrocities in the Middle East, our primary focus must be on the safety of Irish citizens and Defence Forces personnel in the region. The Irish Government must coordinate closely with the European Union on the evacuation of citizens, in particular leveraging any safe air and land routes being used by other European countries.
“If this conflict continues, energy security could also quickly become an economic issue here at home. Ireland must engage with the European Commission on energy supply given the predicted disruptions to the oil and gas markets.
“Following Russia’s invasion of Ukraine, the European Union demonstrated the strength of acting together through joint gas purchasing and coordinated storage measures. That model of solidarity and collective bargaining power must be ready to deploy again if required.
“While Ireland’s direct oil and gas imports from the Middle East are low, our supply is linked through the UK and European markets. Concerns are already being raised by consumers about overnight price hikes. These reported price increases appear to be too high, and to have arrived too quickly.
“Energy suppliers must not be allowed to exploit the situation in the Middle East for their own financial gain. If and when we see supply prices of oil and gas increase, the changes in the consumer market must be fair and proportionate.
“That is why I am calling on the Commission for Regulation of Utilities (CRU) to carefully monitor the situation for any signs of price gouging in the energy market over the coming days and weeks. Minister for Climate, Energy and the Environment Darragh O’Brien must engage closely with the CRU to ensure consumers are treated fairly and company profits do not come at the expense of ordinary citizens.”