Simon Coveney (Cork South Central, Fine Gael)

I agree with the Minister that it is important the Government acts swiftly in respect of these matters. The Minister was instructed by the Taoiseach to undertake an energy price review and he is acting on that. He has raised the bar somewhat by saying he expects a double-digit energy price reduction this year. Presumably, he is talking about households. What I and others wish to hear from him today is when we will see the short-term price review he spoke of today. How long must we wait for that?

Bord Gáis will launch a new product next week, supplying electricity to homes for prices that are 10% to 14% cheaper than those the ESB currently charges. How can that be? If that is the case — it is — does the Minister agree the regulated price for households is too high? Can we expect a double-digit reduction in the regulated price for households to feature in the short-term review he mentioned today?

Concerning the broader review of energy price regulation, can we expect the double-digit reduction in energy prices for the commercial-industrial sector? That sector is not subject to direct price regulation but is subject to the influence of regulation in terms of the regulated price set by the CER for both networks and supply. Both are services supplied by the ESB.

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