Paul Murphy: Calls for Public Control of Energy Amid Profit Surge
Paul Murphy addressed the energy and cost-of-living crisis, arguing that energy companies, food firms and corporate landlords are making record profits while households suffer. He called for electricity to be treated as a public utility and backed an EU-wide mechanism to capture excess revenues to support households and protect jobs.
Profits and market criticism
He cited President von der Leyen's comment that energy companies are making unprecedented revenues and said he had compared quarter-two profits year-on-year for major oil firms - Shell, Exxon, Chevron and BP - finding many had tripled or quadrupled profits. He said the same pattern is visible domestically with energy firms, food companies and large corporate landlords announcing record profits while consumers face price increases.
Proposal for excess revenue mechanism
He said his government is leading efforts at EU level for a mechanism to deal with excess revenues, ideally developed across Europe and focused on the gas market. He said the minister has been involved and that any excess revenues raised on the back of the crisis should be used to help member states support households and protect jobs.
Public control and transition to zero carbon
Murphy argued electricity and energy supply should be a public utility in public control, not run for profit, and that public control would help ensure a rapid and just transition to a zero-carbon economy. He said he believed a majority of people agree and noted tens of thousands were expected to protest on 24 September.
Market reform and practical limits
He acknowledged the European Commission's call for deep and comprehensive reform of the electricity market but said the core issue is the market structure itself and the need to decouple gas prices from wind and other forms of generation, including nuclear. He warned of complexities in market reform, rejected the idea of nationalising the entire EU market as unrealistic, and called for a strong regulatory framework with capacity.
Timeline and EU engagement
He said a European decision on measures would be made by the end of the month and that his government was working with European partners on the issue. He emphasised practical constraints and endorsed a hybrid approach with state involvement alongside market actors and robust regulation.
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Tiesek, this morning President von der Leyen made a speech to the European Parliament about the energy and cost of living crisis that is affecting people right across the continent and she said that these companies the energy companies are making revenues they never accounted for they never even dreamt of and she's right about that and that and you can look up the figures at the global level of the big oil and gas corporations I went and did it I compared profits year on year quarter two versus quarter two and Shell Exxon Chevron BP all of them have either tripled or quadrupled their profits year on year but it's also the case obviously in this country that the energy companies are while announcing record price increases for people are also announcing records profits similarly with the food companies similarly with the big corporate landlords the answer of the European Commission is a quote deep and comprehensive reform of the electricity market but is not the problem the very fact that it is a market should we not recognize that electricity and energy supply should be a public utility should be in public control not run on the basis of profit but run on the basis of the provision of this essential for people and to ensure ensure a rapid and just transition to a zero carbon economy I think the majority of people actually agree with that I think that's why tens of thousands of people will be on the streets on the 24th of September we are the first in terms of President van der Leyen and yeah I agree with President van der Leyen that excessive profits have been made on the back of the war and the crisis in terms of the very substantial increase in revenue and by the end of this month Europe will have a decision made. We are leading that. We are working with the European partners. Minister Raymond Ryan has been involved. We have made it very clear as a country that we want a mechanism developed, ideally across Europe, that would deal with wind generating companies, which is largely the case in Ireland. We have one fossil fuel made company, mainly Corib, and that any excess revenues raised on the back of the crisis that would be used to help the governments, member states, including our own, to support households and to protect jobs. That is the agenda. It makes sense that it is done in the European gas market. It has made sense that it is done across Europe. There will have to be a deeper reform of the market. The key issue is the decoupling of gas prices from wind or other forms of generation, such as nuclear. It is not simple. There are many complexities around markets. In terms of what we cannot control, we are not going to nationalise the entire European Union market. That is not going to happen. We have to deal with reality. We are not going to do that. We are not in a position to do it. Every member states are entitled to its domestic policies within the European Union framework. I am not necessarily sure it would lead to the kind of efficiencies that you are suggesting. Neither systems are perfect or be a completely market-led approach or a hybrid where you have state involvement with regulators to regulate the state involvement along with other actors and players in terms of the marketplace itself. We do need a strong regulatory framework with strong capacity, but that is what we support.
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