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Dáil
‹ An tOrd Gnó - Order of Business

Retail electricity price gap

Summary

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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No, it is not.

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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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Verona Murphy An Ceann Comhairle Independent

Thank you, Deputy, your time is up. The Taoiseach to respond.

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This Government is literally prevaricating-----

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Verona Murphy An Ceann Comhairle Independent

Deputy, your time is up.

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-----while the people of Ireland are freezing.

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Verona Murphy An Ceann Comhairle Independent

You are taking other Deputies' time. The Taoiseach.

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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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-----and we have grown exponentially.

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Verona Murphy An Ceann Comhairle Independent

It is not a back-and-forth.

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There is a European framework. Gas is the price-setter.

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Iberia came out of it.

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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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What pressure?

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There is no pressure on the companies.

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We will talk to the CRU. There is a regulator there. The Deputies know that.

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It is not working, clearly.

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Verona Murphy An Ceann Comhairle Independent

One voice.

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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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Verona Murphy An Ceann Comhairle Independent

Thank you, Taoiseach, and your time is up. Deputy Crowe.

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-----on those on lower incomes-----

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They need more than the Taoiseach's understanding, though.

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-----as opposed to giving wealthy people energy credits.

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Verona Murphy An Ceann Comhairle Independent

Thank you, Taoiseach. Deputy Crowe.

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