Noel Dempsey (Meath, Fianna Fail)

The legislation that is in place gives responsibility for price increases to the independent regulator. The reason the legislation was put in place was to prevent interference from the political system in the price of gas and oil with the aim of ensuring a level playing field for anybody who wanted to enter the electricity and gas markets. We have gone down this route because of EU legislation and directives.

I agree with the Deputy that other options existed at the time which we might have taken, but we did not take them and we cannot reverse out of the one we are in at present. It is not open to me, as Minister, or to the Government, under the current legislation to direct the regulator in any way on prices. The regulator has spoken for himself. He came before the relevant committee, which I commend for taking action and requesting his presence, and he explained in detail how he arrived at his decision.

It is probably good from the point of view of soundbites to refer to immediately reversing the price rises, but that is not a realistic option. The price of oil and gas has increased substantially since this time last year. The Deputy is correct that the price has now begun to fall. Oil and gas are internationally traded commodities. BGE depends on imports from or through the UK for 86% of its supply. It would be a help if we had our own supply of gas.

See this speech in context