Eamon Ryan (Dublin South, Green Party)

That is what this Government is concentrating on. The policy approach has taken a long time to reach fruition. I can understand Deputy Connaughton when he says he is unhappy with the regulatory system and is worried that it is not working through to prices at the petrol pump. I must say that we have the right policy framework in the area of electricity generation and supply, which has evolved over a long period. It is not easy because people see immediate difficulties with prices and so on. However, if we maintain our course — and do not jump in with jackboots, trying to achieve an easy, short-term solution that will not deliver the policy terms we want — we will bring down prices and carbon emissions, as well as having a more secure electricity supply. I am determined to maintain this course and support the regulator to ensure that we have an absolutely fair and transparent market. It must be competitive and welcome outside companies with which we can collaborate.

I can say to the ESB or any other company operating in the electricity sector in this country that this market will grow exponentially in future. As we electrify our transport system and generate new renewable electricity supplies we can be world leaders. We should be welcoming international companies here to make seed investments on the basis that if only one of those projects takes off and we become, for example, a centre for wave development, there would be enough business in it for every company in order for this country to take off economically. We are at a similar point in the electricity industry, where it is testing new technologies in the grid and in renewables, to that which existed when Intel first came here to establish a small factory to test the market.

See this speech in context