Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

That is a layman's description with which I agree. The regulator observes a model that has been laid down from the outset and it makes its own call on these matters.

I accept Deputy Moynihan's contention that in circumstances where some consumers are under pressure in terms of energy prices it is difficult to reconcile this with seemingly very high profits. However, I have no doubt that the regulator is monitoring the situation. There are a number of factors, as I have said, that feed into this. Unfortunately, the global cost of gas, in particular, has had an enormous impact on prices in recent times. Our power generators are relying on gas in the main and it is hugely expensive, especially given the fact that we import more than 90% of our needs.

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