Eamon Ryan (Dublin South, Green Party)

I confirm that what we are talking about, primarily, is the household sector. As I said earlier, unlike householders, since 2006 the large business consumers have operated in an unregulated market. Because of the nature of the contracts they have, these sectors are already seeing a double-digit reduction in prices, arising in particular from lower international gas prices. The immediate timeframe set out is for the regulator — who was asked to see whether that expected reduction can be brought forward — to come to Government within three or four weeks with a range of different options.

I refer to the debate we had here last week during Private Members' time. There are a number of options in this regard, each of which might have advantages and disadvantages. In my contribution I set out the disadvantage of a unilateral reduction from the ESB because of the effect it would have on competition. I also mentioned the disadvantage of repeating the generous act the ESB undertook last year in forgoing €300 million in its revenue stream and a further €100 million this year from the sale to Endesa. To transfer that across the market is not a satisfactory outcome because it could endanger some of the investments we want the ESB to make.

My preferred option, if it is possible in a non-distortionary manner that does not affect competition and investment plans, which is important, is to see whether the regulator can bring forward such reductions from the October date we expected. I was looking at the gas prices again this morning. If one looks forward for the next six months or year — and most of the contracts are done forward — the price of gas is sufficiently low for us to confidently expect a double digit price reduction. The exact month in which it occurs must be advised by the regulator. That is the timeframe within which we are working.

Bord Gáis must announce its plans. I will not pre-empt——

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