Brian Stanley (Laois, Sinn Fein) | Oireachtas source

I thank the Minister for his comments. The main concerns are an interruption to supply and cost. If I heard him correctly, he indicated there would be no impact from Brexit on the gas supply. I have a couple of questions on that. We agree that the single electricity market operating on the island as a whole has brought much benefit. It is beneficial for the North, as it is questionable whether enough power is generated within the Six Counties. It is very dependent in that regard. We have the fourth-highest electricity prices in the Union and prices are above average for gas. Will those prices increase? In the event of a no-deal Brexit, my understanding is there would be World Trade Organization, WTO, tariffs on gas. Will the Minister clarify whether this means energy prices will increase in a month or six or seven weeks, after Brexit?

I have raised an issue with him previously regarding the regulator. It is accepted that the companies operating utilities here are profitable and that is fair enough as it is the business they are in. They achieve substantial margins and the regulator can access those retail margins. It has also been said that the margins are higher than they are in other European countries. This must be monitored, particularly in the context of Brexit. Is it the intention of the Minister to have a review? There was another energy price increase for householders and businesses recently, and there was a wave of them last August, when the weather was very hot and people were not thinking too much about heat, power and light.

The Bill would make changes to the single electricity market and it is right to prepare from a legislative perspective for Brexit. As of today, we could toss a coin as to what way it will fall. We do not know if Britain will crash out or whether there will be a deal. It is looking more likely that Britain could crash out of the EU. The new market changes that came in with the integrated single energy market last October were meant to save householders and businesses €200 million but what will happen regarding those savings now?

To sum up, what will be the effect of WTO tariffs on gas and will its price increase? I asked about the escalating prices of energy in general and particularly in the context of Brexit. We raised before the genuine concern regarding retail margins. It has been reported that profit margins are higher than in other countries. Is a review or investigation of that planned, along with ongoing monitoring? That is required, particularly in light of Brexit. We were supposed to see €200 million in savings last October as well.