Alan Dillon (Mayo, Fine Gael) | Oireachtas source

I welcome the opportunity to speak on the Environmental Protection Agency (Emergency Electricity Generation) (Amendment) Bill. This temporary emergency electricity generation will provide capacity to mitigate the security of supply risk for the winter period at the end of this year and into 2024. It is crucially important that Government plans are in place to ensure a reliable and resilient energy supply in times of crisis or disruption. The Bill will ensure essential services continue to operate, reducing economic impacts, supporting disaster response efforts, improving our energy security and also promoting investment in resilient infrastructure to help build a more sustainable energy system for the future. In essence, that is what is important when we speak to the Bill.

While energy companies continue to make enormous profits in the electricity sector, we must continue to voice our concerns in that regard, in particular in terms of affordability for householders and businesses. It is important for the Government to continue to monitor and regulate the electricity sector to ensure energy companies act in the best interests of their consumers and the environment. Last year, when Irish customers faced higher electricity prices than the EU average, we were told that the most important factor affecting the price of electricity here is the continuing upward trend in international gas prices, which is affecting electricity prices across Europe and the world. The Government's long-term solution to this issue was the deepening of our interconnection with the EU energy market.

Ireland sources approximately one quarter of its gas from the Corrib gas field and three quarters via the interconnector with the UK, which has diverse sources of supply. We must work out what we do given the declining production in the Corrib gas field. We have still not answered that important question. Have we identified alternative natural gas supplies? Otherwise, Ireland will end up depending on imports via the UK and Scotland or from the European network, which is already under pressure. Relying on the interconnector with the UK seems like the easiest option but it exposes Ireland to EU gas supply and demand issues in the winter months, as we have seen previously. We must ensure we have an equivalent alternative to the Corrib gas field to supply the building of the new gas-fired electricity plants that are described by the Government as a national priority. As the Minister of State is aware, the country's only gas reserve that is licensed for exploration is off the coast of Mayo. If these fields prove viable, they could tie into the existing Corrib infrastructure. We have a €3 billion asset in north Mayo and that would ensure the jobs there are secured in the long term. The gas could also be brought ashore with minimal disruption. The Government must continue to realise the full potential of our indigenous renewable energy resources, but we must also build the State's energy security as that is essential to address the structural issues that currently exist.

I also want to touch on the lag between the wholesale price and the retail price for businesses and homeowners. The process is taking way too long and reductions are not being passed on quickly enough.

Numerous companies are quick to impose higher prices but take their time bringing prices down. The Government needs to take that on board in implementing a policy response in this area. In recent days, we saw two companies, Pinergy and Electric Ireland, announce decisions to implement price reductions, which was important. It is a step in the right direction but nowhere near enough to solve the issues of outrageously high energy prices. We need to be conscious about this. We need action to help consumers. Some energy companies are not inclined to pass on reductions quickly enough, so the Government must ensure reductions in prices are passed on in a swift manner. We can no longer politely request companies to reduce their prices. We must be more strict and responsible in how they manage it. It is important the national energy security framework continues to deliver for Government and ensure the Department develops and implements energy policies tailored to specific circumstances and that reflect the priorities and values of our citizens.

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