Pat Rabbitte (Dublin South West, Labour)

Deputy Durkan is probably correct that one can never rule out speculation in the oil market as a factor. The problem is that, ultimately, we are price takers. Until we find oil off our own coast, which many seem determined we will not, we will import it.

The latest figures from data published by EUROSTAT show that Irish electricity and gas prices are performing well by reference to the EU average for medium to large-size business customers. That is not to say they compare with the best, but they compare favourably with the average. The VAT-exclusive electricity price in Ireland for these business consumers ranged from 10% to 17% below the EU average and from 13% to 19% below the eurozone average. These customers accounted for 48% of the business electricity market. Prices for gas customers were below the EU average by 4% to 25% for most business gas categories.

Larger domestic electricity consumers, representing 64% of the domestic electricity market experienced price reductions between 6.1% to 7.6% over the period. The prices for these consumers were between 7% and 19% below the EU average.

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