Damien English (Meath West, Fine Gael) | Oireachtas source

I welcome the debate and the discussion. It is important. This is a topical issue for everybody and it affects the lives of most of the people we represent. I thank colleagues on all sides for their contributions.

I give apologies for the absence of the Minister, Deputy Eamon Ryan, who would have liked to have been a part of this debate. He is in Luxembourg at a meeting of the Environment Council until tonight or tomorrow and was, therefore, unable to make it. He would like to have been a part of the debate. I will certainly give his views and comments during my speech. The Minister of State, Deputy Naughton, was also unable to attend the debate because she is caught up in a justice matter. We heard from the Minister of State, Deputy Ossian Smyth, earlier, who apologised because he had to leave. Most Members will appreciate that most others have not remained here for two hours so I think comments to the effect that the Minister of State left in the middle of the debate are wrong and unfair. We all know that everybody here is doing different things and trying to be in different places at the same time. I appreciate that the proposers of the motion have remained throughout the debate, and rightly so, because this is a matter they put down for discussion. The chairperson was not here when it happened, but I take issue with comments that were made. I will discuss it with the Deputy concerned. That is not the way we try to business in the House.

The Government accepts that households are currently facing volatility in energy prices due, in particular, to a spike in international gas prices. We know that over the coming winter people will be faced with higher energy bills as suppliers and energy companies seek to recoup their energy outlays. Current market expectations on energy commodities, particularly gas, indicate that wholesale gas prices will remain high during the winter months but we hope prices will fall from April 2022 onwards. Beyond the winter season, EU forward contracts anticipate a correction of current wholesale gas prices. This is welcome news that will, hopefully, reduce the prices and bring them back to a reasonable level.

We cannot be complacent. Markets are volatile and the optimum policy is to move away from fossil fuel dependency and the vagaries of international commodity markets. That is what the Government is doing and has committed to doing, a commitment that was repeated in the national development plan that was launched on Monday.

I will turn to Government policy in this area. Electricity and gas markets are commercial, liberalised and competitive, in line with EU policy, and result in greater choice for consumers and businesses in terms of suppliers, products and prices. The position of successive Government for almost 20 years has been that competitive energy markets result in greater choice for consumers and businesses in terms of suppliers, products and prices, and support competition to drive down prices.

The utilities sector is complex. Setting a maximum price for a product, as was suggested, by virtue of an emergency order would raise a number of significant issues, including alignment with the EU energy regulation acquisand other legal aspects, and is not a panacea to the current market conditions. Suffice to say that in the UK, where the price cap was recently revised upwards, it has not guaranteed that customers get the best deal otherwise available in the market. I know other examples were provided but the UK is our closest neighbour and we might as well share all the data we have for different countries. Unfortunately, this has led to a number of suppliers exiting the market in the UK in a somewhat disorderly manner in recent months and that has given rise to significant disruption for customers. We must bear in mind what is happening across the world. I accept there are pluses and minuses and that other countries have a different story to tell.

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