Patrick Costello (Dublin South Central, Green Party)
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195. To ask the Minister for Communications, Climate Action and Environment the actions being taken by his Department to ensure the reduction in the wholesale price of gas is reflected in the sale price for citizens, given the recent fall in the wholesale price of gas; and if he will make a statement on the matter. [3234/23]

Eamon Ryan (Dublin Bay South, Green Party)
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The recent reduction in wholesale gas prices in Europe is welcome, although prices remain significantly higher than pre-crisis levels. With wholesale energy costs accounting for a significant percentage of total supplier costs, a sustained period of falling wholesale gas prices, can lead to retail market price reductions. However, supplier hedging that results in a significant proportion of energy purchased several months in advance may impact the ability of suppliers to reduce prices, notwithstanding the decline in the wholesale cost of gas.

Government is acutely aware of the impact that the increase in global energy prices is having on households. That is why throughout 2022 Government introduced a €2.4 billion package of supports and as part of Budget 2023 introduced a package of once off measures worth €2.5 billion. This includes the new Electricity Cost Emergency Benefit Scheme through which €550.47 (exclusive of VAT) is being credited to each domestic electricity account in three payments of €183.49 (exclusive of VAT) in each of the following billing periods: November/December 2022, January/February 2023, and March/April 2023.

In response to the high wholesale electricity prices, the European Council has agreed Regulation (EU) 2022/1854, an emergency intervention designed to address high energy prices and seeks to address windfall gains in the energy sector. The Council Regulation includes the introduction of a cap on market revenues in the electricity sector and a temporary solidarity contribution based on increases in taxable profits in the fossil fuel production and refining sectors. On 22 November 2022, the Government approved the implementation of the Council Regulation in Ireland. My Department is currently working with relevant Departments, agencies and stakeholders to develop the necessary legislation to implement this decision.