Tom Shehan (Fine Gael) | Oireachtas source

I also welcome the Minister of State, Deputy Joe McHugh. The issue I raise relates to the energy regulator. Heretofore, the only time I was aware of the energy regulator was when the ESB or Bord Gáis applied to it for a price increase. The regulator was seen to do its job in that when Electric Ireland applied for a 21% increase in charges it was only allowed to introduce an increase of 14%. The energy companies do not have it all their own way. However, I have become concerned in recent months in particular. Approximately 40% of this country's electricity is produced from gas. The price of gas has dropped by approximately 30%, yet there has been no reduction in the cost of electricity to the consumer. That is the reason I call on the Minister to intervene. I understand the regulator is an independent entity, but energy producers can seek price increases from the regulator, and on behalf of the people I ask that the Minister seek a decrease in price from the regulator, given that the price of gas, from which 40% of electricity in this country is produced, has fallen by approximately 30%. Accordingly, there should be a decrease in the cost of electricity to the consumer. I cannot understand why that has not happened.