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

It is a major issue and I too have had discussions with the regulator. The regulator points out that significant investment is needed to maintain the system and security of supply. Investments in energy projects are singularly expensive. Electricity and gas costs in Ireland are influenced by various drivers, including global gas and oil prices, the cost of capital, exchange rate fluctuations and the small size of the Irish market. The wholesale price of gas is the most significant factor in the case of Ireland for electricity and gas and this has risen steadily, as Deputy Moynihan noted, since 2009, driven by events such as those in the Middle East, north Africa and Japan. The regulator will explain that these are all factors advanced by the suppliers when they put in an application. We are price takers, unfortunately.

Anyway, it is a matter of concern in terms of the heart of Deputy Moynihan's question, which relates to people in poorer circumstances who have to resort to the Society of St. Vincent de Paul to assist with their energy bills. That is a situation of serious concern to me.

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