Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

Electricity prices are regulated. They are regulated by what used to be the Commission for Energy Regulation but is now the Commission for Regulation of Utilities. We have increased the fuel allowance. We did that already this year and we will certainly consider doing it again next year. However, it is a simple fact that electricity prices are largely linked to the cost of fossils fuels, that is, the cost of oil and gas. When that cost goes up, prices must rise as well. That just emphasises the need for us to do other things, namely, move towards a greater use of renewable energy and to continue what we are doing to incentivise people to insulate their homes and to ensure that public buildings are also insulated. In this way, we can reduce the need to use fossil fuels and electricity for heating.

See this speech in context