John O'Mahony (Mayo, Fine Gael) | Oireachtas source

I am not suggesting that the Minister sets the prices. I also accept that the energy regulator does not set the prices. I heard an argument to the effect that energy companies must buy supplies in advance and that the current prices reflect the price of fuel bought at a higher price. If that is true then we should expect a reduction in the coming months, because I presume they are taking advantage by buying fuel at the current lower price.

The Minister provided a lot of facts. I refer to an article from The Irish Timesfrom 29 December 2014 which suggests that the wholesale price for natural gas fell by 27% in 2014. As far as I am concerned, that reduction has not been reflected in the price paid by domestic consumers. I noted yesterday the point made by the National Competitiveness Council that this country has higher than average energy prices which restrict job creation. That matter must be addressed. We are all aware of it. I am not the only one saying it; the National Competitiveness Council has also made the point.

I wish the Minister well in his forthcoming meetings. There is a need to do something, because the ordinary person sees prices going up very quickly but they do not drop as quickly. That is not a good message to send. We must get to the bottom of the matter. As Chairman of the Joint Committee on Transport and Communications, which also deals with energy, I intend to tease out the matter further with the energy companies and the regulator.

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