Cathal Berry (Kildare South, Independent) | Oireachtas source

I thank People Before Profit for bringing this important motion before the House this morning, which gives us the opportunity to focus attention on the lack of affordability and availability of energy.

I agree with the central thrust of this motion. It is about driving down the cost of energy and every person inside this Chamber, all 160 of us, would be in favour of that taking place.

I listened to the debate this morning and have found it very useful and informative, particularly the views from all sides of the House. It appears to me that we have three options. First, we can maintain the status quo, which I do not believe is viable. Second, we can go for full-on nationalisation. Third, we have the option of increased regulation.

I will focus on the status quo, in the first instance. I would not be in favour of this unless there is very significant intervention from the Government. I welcome the €600 electricity credit for individuals plus the 40% rebate for businesses but this will have to go much higher if that is to be a sensible, viable or feasible option.

The second option is nationalisation and I heard the Minister of State's comments on many of the energy systems we have that are already nationalised or are in semi-State hands, such as Bord na Móna, Electric Ireland, the Commission for Regulation of Utilities, CRU, EirGrid etc. It is an option. I have a couple of concerns about it although I am not against it. My first concern is the cost. I know that France has recently renationalised some of its energy system but that cost billions of euro. I heard Deputy Paul Murphy saying there should be no question of compensating these private companies. I would love that to be the case and if it is, well and good, but I am not sure that it is. I am unsure if the State can simply seize the assets of a private company. It does not appear to be legally sound. I wish it was. If the State attempted it, we may end up in court. If there was any advice from the Attorney General on this, perhaps the Minister might mention this during his wrap-up contribution.

The third option is definitely a good one; namely, increased regulation. What concerns me is that if you are a taxi driver who wants to increase the rate of fare you are charging, you have to submit a business case to the taxi regulator. The regulator can say yes or no, or 50% yes, but you have to justify why one is seeking the increase. Energy companies must do the same, surely, with the Commission for Regulation of Utilities, and if it does, is the CRU just a toothless tiger? Does it have the option to say no where the energy company is already profiteering enough? Can it say it cannot grant this increase or that it will not allow it? Surely a regulator would be expected to regulate the industry and that is a reasonable request. People Before Profit made that point well this morning. Nationalisation is an option but increased regulation, at a minimum, is what we should be looking at.

My final concern is respect of energy storage. Thankfully, we have seen the price of diesel and petrol falling at the pumps. I just filled up my car this morning for 149.9 cent per litre for petrol, which has come down about 25% in price, which is a good thing. I also welcome the fact that the National Oil Reserves Agency, NORA, the national organisation which ensures that we have fuel available, has a 90-day storage of strategic reserves of fuel, which is a good thing. We have that here in this jurisdiction, in Northern Ireland, in Spain and in Denmark. We have a 90-day supply of oil through NORA but we have no such storage for natural gas. Perhaps the Minister might be able to update us in that respect.

Another feasible option, if we had a 90-day supply of natural gas on this island, is that we could release this over the winter months and take the pressure off availability and off pricing.

The EU instructed Ireland about 20 years ago to create a strategic oil reserve of 90 days. We did so because we were told to do so. Ireland now owns that oil and has hundreds of millions of euro worth of oil that has been purchased over a 20-year period and we can replicate that system exactly from a natural gas point of view. It would be great if the Minister could update us on where we are with this suggested floating liquefied natural gas, LNG, terminal, or on-island storage, or where we are from the perspective of natural gas.

In summary, I welcome the motion and thank People Before Profit for bringing it before the floor of the House. I very much look forward to the Minister’s response.

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