Retail electricity price gap
Peadar Tóibín argues that electricity companies, including the ESB, are profiteering by failing to pass on wholesale savings. The Taoiseach disputes the comparison, cites Ireland’s energy-system constraints and promises continued regulatory and governmental pressure.
Rip-off Ireland is alive and well. I have seen incredible figures that energy prices in Ireland are three times the wholesale price, which is one of the highest gaps in the world. The gap between the retail price and the cost of producing it is again one of the biggest in the world. Electricity companies are failing to pass on savings they are making, and why would they? The ESB is a semi-State, it delivers Government policy, it is one of the biggest players in the market and it is profiteering as well. This is a dysfunctional market. It is the Government’s market and the Government is responsible for it. In response to another TD, the Taoiseach mentioned the €190 million energy support fund, which he said is being paid out. Just €3.9 million of that €190 million has been paid out. That is outrageous. The Taoiseach mentioned earlier that the electricity price is tied to the price of gas. Again, that is the Government's legislation.
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It is. It is in the remit of this Government and it is absolutely bonkers that that is actually happening.
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This Government is literally prevaricating-----
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-----while the people of Ireland are freezing.
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We have the eighth-highest cost - and it is too high - of energy across the EU 27 when taken in the context of purchasing power parity. That is the situation. We have a very dispersed energy system. We have to invest very significantly in the grid over the coming years. We will have to triple the investment in our energy grid over the next number of years-----
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They are tripling their prices over the wholesale price.
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We are, unfortunately, importing too many fossil fuels and the sooner we can get to more and more renewables, the cheaper our energy will eventually become. In the meantime, we will keep the pressure on the companies. We will talk-----
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There is no pressure on the companies.
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The regulator does not agree with Deputy Tóibín's position, but at the same time, we understand fully the pressures on people and that is why are focusing-----
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They need more than the Taoiseach's understanding, though.