Energy prices and ESB
Deputy Nolan says households and businesses are being crippled by high energy prices and asks whether the Government will pressure electricity companies to cut rates. The Tánaiste says support measures remain in place and retail prices should now reflect lower wholesale costs.
Electricity and energy prices continue to financially cripple families and businesses throughout this State. This is happening despite a quantifiable drop in natural gas prices, which determine electricity costs. Electricity companies have not acted. I acknowledge that the Government has provided some measures to families to help cushion the blow. However, given that the Government is a 96% shareholder in the ESB, it is unacceptable that it continues to charge extremely high prices. Will the Government bring in the senior management of the electricity companies and demand they reduce their prices? Families are suffering and businesses are closing. The Tánaiste mentioned the windfall tax proposal. If the tax is introduced, it needs to be expedited. I would like a timeframe as to when it will be put in place.
Comment on this
The Minister, Deputy Eamon Ryan, can supply a timeline in regard to that. The bottom line is that the Government has resources and has allocated substantial resources to deal with the cost of living to try to help people deal with what have been exceptional increases in the cost of living due to the war in Ukraine and energy crisis. I take the Deputy's point on the need to reduce costs and for the retail price to follow the reduction in wholesale prices. I accept that forward pricing has been a factor in this regard but the time has now come for the downward pressure to be reflected in retail prices. I will get the timeline for the windfall tax for the Deputy.