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

I do not think what Deputy McDonald said was quite correct. The low 9% VAT rate on electricity and gas has been extended until the end of October. It was the position of Deputy McDonald's party not to extend it until the end of October but only until May or June. This is the measure that is in the announcement today that will at least have a marginal downward effect on electricity and gas prices that would have gone up otherwise. There will be another €200 energy credit applied to people's bills in March or April, which was previously announced. It has not happened yet but it will happen.

That Pinergy has reduced its prices is welcome. I understand they are still higher than most in the market. What I say to energy companies, which is what I said earlier today very clearly, is that I do not accept the idea that prices went up within a few months after wholesale prices went up, but for some reason when wholesale prices come down, it takes a year or two for prices to follow. I do not buy this. We know we have the possibility of using a windfall tax to take back any superprofits made by the companies. Subject to wholesale prices staying down or going down further, I would expect to see reductions within months and not years.

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