Eamon Ryan (Dublin South, Green Party)

I would love to have a mechanism where there is an easy way to compel companies to do it. However, European law must be followed and there is no country where this policy has been applied because it is not legally possible to do so, or there is a high risk, legally, in doing so.

That second option of bringing the price forward is passible but has certain risks and difficulties attached to it. We are asking the regulator to look at the options, but also to see what other ways in the review of tariffs does not distort a market and maintains the regulatory control and independence of a proper functioning market. That is the way for us to bring prices down consistently, year in and year out, and to bring forward the reduction we expect. It must be recognised that reduction will come primarily because of the market changes that are occurring and will be backed up with the benefits we will see as we switch to renewables and as competition kicks in across our market and country.

One issue in our amendment to the motion was to highlight some of the broader electricity changes we are making. Deputy Coveney raised the issue of a stimulus. He is correct. When I say one must look at a three-way equation we must also look at the competitive interests for the wider economy in having low electricity prices. At this time, when it is difficult to attract investment in any area because of the credit market freeze, we must examine what the electricity sector can do to lift the economy. In that regard, it is vital for us to support the various measures that have a big stimulus effect. The ESB and Bord Gáis, to name but two semi-State companies, have a €30 billion investment package to lead us in this more renewable, zero-carbon emissions future, which is a massive stimulus. EirGrid has a crucial €4 billion grid upgrade programme, which we must support if we are going to develop renewables and bring prices down.

See this speech in context