Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

This is an important point being raised by Deputy Moynihan. I wish to take a minute to explain the reason I am not minded to accept the amendment as expressed for the reason that information on the retail energy market is already being reported on and published on an ongoing basis by the Commission for Energy Regulation. As Minister, I am regularly updated by the Commission for Energy Regulation on developments and the state of competition in the market.

I have no statutory function in regard to the regulation of either the electricity or gas markets. Responsibility for the regulation of those markets is a matter for the regulator which is an independent statutory body.

The functions of the Commission for Energy Regulation include protecting the interests of final customers, including the disadvantaged and the elderly. The regulator is also responsible for promoting efficient, orderly, fair and competitive markets and for monitoring competition. Many of these regulatory functions originate from the regulator's obligations under European law.

Prices in the electricity retail market are fully deregulated. Prices in the gas market are also deregulated with the exception of gas prices charged by Bord Gáis Energy to its domestic customers. Therefore, customers can avail of competitive offerings from a number of suppliers. Prices are set by suppliers and are commercial and operational matters for them. I have no statutory function in the setting of electricity or gas prices.

With the deregulation of electricity and most gas retail prices, the primary focus of the regulator, in so far as prices are concerned, is its joint oversight with the Northern Ireland regulator of the all-island single electricity market, its scrutiny of electricity and gas network costs, which feed into retail prices, and its general consumer advice and protection role. The regulator is accountable to the Oireachtas, and the commissioners have appeared before the committee on a number of occasions on a range of issues.

The regulator is required to report on an annual basis to the European Commission detailing its economic role and associated policy developments. The report includes details of developments in regard to competition in energy markets. In addition, in carrying out its consumer protection and marketing monitoring roles, the regulator presents to me, on an annual basis, a report on the development of competition in the market, including prices and commentary on developments. All these reports are publicly available on the website of the regulator.

Electricity and gas costs in Ireland are influenced by various drivers, with global gas and oil prices being the most significant factors. Among other drivers, over which we have little or no control, are exchange rate movements, the cost of capital, our small size, our geographic location, our low population density, our population dispersal, EU legislative obligations and unfavourable international events. Given the scope of these diverse drivers and their upward impact on prices, it is clear that there is limited potential scope for protecting Ireland from external energy price shocks.