Fianna Fáil MEP is calling on the State to use it’s ownership position to protect consumers from energy price rises.
Billy Kelleher is asking Electric Ireland to reveal if their proposed electricity and gas price increases include a profit margin for the company.
The company announced price increases of 29% and 11 % respectively for gas and electricity on Friday to come into effect on August 1st.
Electric Ireland provides electricity to over 40% of residential customers while another state-owned enterprise, Bord Gáis supplies over 15% of the market.
Mr Kelleher noted current inflation is at 9% and is now proposing that the companies be instructed by the Minister for Energy to operate on a break-even basis for 2022 and 2023 to enable the company to lower prices for consumers.
The Irish Government owns 95% of the company, with employees owning the remaining 5%.
Mr Kelleher said the situation demanded such an innovative response as has been implemented in France.