Brian Cowen (Laois-Offaly, Fianna Fail)

Thanks be to God we do not have that. The Leader of the Opposition raised some points about electricity. Rising costs in materials like gas, coal and oil on the wholesale markets have put suppliers under pressure. Since the latest price review last year, the cost of gas and oil has gone up by between 80% and 100%.

I understand that the amount quoted in the newspapers today is speculative and I remind the House that, in 1999, the Dáil established the Commission on Energy Regulation with a remit to oversee the operation of the electricity and natural gas industries. The CER operates independently of the Government and its functions are wide-ranging. It covers areas of security, safety and reliability of supply, as well as environmental protection. The regulator is also mandated by the Government to act in the interests of customers to ensure that prices charged are reasonable in all circumstances.

The process that applies to setting electricity tariffs is that the ESB will present its price case to the CER, something which is expected towards the end of July. Following a full review of that case, which includes an independent review of fuel prices, the ESB's own costs and its ongoing investment requirements, the CER will engage in a public consultation process. This will focus on what the CER views as a fair and reasonable cost to the industry. A final new tariff, if allowed, is expected to be announced at the end of August or early September. The process is in the interests of the customer and not the electricity industry. That is the position.

See this speech in context