Noel Coonan (Tipperary North, Fine Gael)

Will the Minister agree that the Regulated Tariff Formula has been very effective when compared to the light touch regulatory system in the banks and in Eircom which has virtually brought this area to its knees and that it is important at this stage in our development, in view of the pressure being experienced by the economy and competitiveness and reducing prices? His initial intervention nine months ago had the effect of reducing gas prices significantly but they are still 13% above the European norm. We do not want the energy sector to become like the banks because of what happened through the regulatory regime. Will the Minister acknowledge that the RTF is worth is holding on to for that reason alone? It provides security and competition in the industry.

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