Phil Prendergast (Labour)

I welcome and support this enabling Bill which is designed to increase the borrowings of Bord Gáis Éireann. We are suffering the effects of the recession with job losses and contraction of business activity and many are struggling. The investment to which the Bill will give rise and which the Government is overseeing and safeguarding is extremely important. We rely heavily on fossil fuels and energy security arises in the case of gas. While reliance on gas has increased, we do not have sufficient domestic reserves and gas and energy prices have skyrocketed. Many are struggling to pay bills. The Money Advice and Budgeting Service must be one of the growth businesses in this climate.

The cost of fuel has been a dominant topic of debate in this and the other House. Petrol prices have gone through the roof and come down again, which is welcome, but electricity and gas prices have increased significantly and we need transparency on those. We have a high dependency on fossil fuel. Electricity prices for industrial and commercial customers in the second half of 2007 were between 3% and 52% respectively above the EU average. That must be examined.

It is important that we proceed with this initiative in order to create jobs. I am happy to support the Bill.