Mr. Jim Dollard:

I recognise there is confusion in the marketplace. I have seen the reports in the media and the debate in various fora. As my colleagues have said, we genuinely appreciate this opportunity to debate the matter. The reason the CER focused on Intrastat reports is that it is important there is transparency on how Ireland is faring in the European context. Intrastat is the system for collecting information and producing statistics on the trade in goods between countries of the European Union. The statistics are developed independently of all of the energy suppliers and they show that we are competitive.

The Deputy asked about the rate of reduction when the price of oil is down 60% to 70% and why, when gas is down by big margins, the price of electricity is not down by a corresponding rate. I welcome the opportunity to reiterate that the price of oil is irrelevant. I know that Deputy Maloney did not raise that point.

The Deputy rightly said that there are reports of a 30% reduction and I have also seen those. The analysis by the CER, which is an independent body, is that forward prices, which is the relevant price index for us in buying power, is about 18%. I would not disagree with that value.

Spot rates, that is the day-on-day rates, are very volatile and can move significantly day-on-day. Depending on the day, one can get numbers as high as the figure mentioned. I do not know the specific background to the 30% rate but I suggest that it relates to the spot rate. We do not buy gas on the spot market. That would result in unbearable volatility in the price of a necessity.

There were words to the effect that we were creaming it but my view is that if this industry tries to build profits on the back of falling fuel prices confidence will be lost and the industry will be broken. That is the reason I made the point that margins in Ireland compare favourably across Europe. Prices compare favourably and margins compare very favourably. We are trying to do the best we can in a difficult environment. I understand that there is a lot of anger. Energy is an essential necessity for people and businesses and we are passing on the reductions as best we can. We are not gaming the system. The view of the CER, an independent body, would support that. The real test is whether we are moving in the right direction against our competitors or are building significant margins. If either of those were true, we would have a problem in the industry. I do not believe they are true. I hope that has gone some way to answer the Deputy's question.