Just €3.9 million out of a €190 million fund set up to support consumers dealing with spiking energy costs has been paid out, the State's spending watchdog has found.
In 2023 legislation was introduced capping the amount electricity providers could earn from their customers between December 2022 and June 2023.
Anything over limits set out in law had to be paid into a State fund managed by EirGrid.
According to the Comptroller and Auditor General's (C&AG) 2024 report, 236 returns were received by EirGrid from suppliers and at the end of September 2024 the balance in the fund was €190 million.
It noted that in August this year the Minister for Climate, Energy and the Environment prescribed a scheme for the utilisation of some of the Fund resources, however, as of 15 September just €3.9 million had been disbursed in respect of the scheme.
In its report the C&AG said the legislation to establish the fund "did not create formal accountability" for its financial statements.
It added that "this role has been assumed by the Secretary General of the Department of Climate, Energy and the Environment".
Responding to the C&AG report, Chair of the Dáil's Public Accounts Committee (PAC) John Brady said: "Quite shockingly, at a time when people are at the pin of their collar trying to hear their homes, only €3.9m has been dispersed from that fund to specifically mitigate against high electricity prices for the vulnerable in society.
"So, on the one hand the government was forced to take action to claim back money from the energy companies but on the other they had no plan with what to do with the money reclaimed. Shockingly, €1.86m is still there and has not been utilised."
