Darragh O'Brien (Dublin Fingal East, Fianna Fail) | Oireachtas source

It was 40%. It is small in monetary terms, but it a reduction. I do not want to oversell it in that sense, but it is going in the right direction. We also have to make people aware of the savings that can be made through switching energy provider. Not enough people switch. The task force is also looking at how we can assist people in switching energy providers and make the information more available, particularly for those who may not be tech savvy as regards how we can help them do that.

Fundamentally, there is an issue right across Europe. I attended the energy Council in Luxembourg recently. Electricity and energy prices across Europe are too high. Interconnection will help. The Greenlink interconnector, the second interconnector between Ireland and Britain, is now electrified, which is important. The delivery of the North-South interconnector is critical. It will, on average, reduce energy bills by approximately €110 per annum, but it has been delayed and will not be delivered until 2031. That interconnector is critical for our energy grid.

On the discussion in Europe, I have already started a discussion with colleagues on how we strike electricity prices, in particular. They are currently struck on the basis of the wholesale gas price. Ireland and other countries in Europe are increasing our renewables. One then asks why fossil fuels are basically at the core of how that price is struck. That will not be resolved next week or this year but the discussion needs to happen at a European level.

We need to increase our renewables further. Onshore renewables will be important this year. We have a further auction in September of this year for onshore wind and solar. We have an 80% target for renewables by the end of the decade. We are projecting now that they will account for approximately 68% to 70% of our energy by the end of the decade. It is short of the target, but it still significant. We are investing in that area. Renewables are not free either. There is a cost to the Exchequer relating to ensuring our bid prices are correct and that we have bidders entering those auctions.

The task force will report before the budget. It may be useful, when I have assessed that report, for me to go through the options in the report with the committee. Energy prices are a big issue for families.