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

Fundamentally, what drives the price of electricity in Ireland is the price of gas internationally. We make most of our electricity from gas and that is what determines the price point. The wholesale price of gas, which used to be 60p per therm, is now nearly £3 per therm. Therefore, we have seen an almost-fivefold increase in the cost of gas in international markets. Thankfully, we are not seeing a fivefold increase in electricity prices.

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