Dáil Éireann Debate, Thursday - 22 January 2015
212. Deputy Terence Flanagan asked the Minister for Communications, Energy and Natural Resources the position regarding the cost of utilities considering the cost of oil (details supplied); and if he will make a statement on the matter. [3145/15]
View answerI refer the Deputy to my comprehensive reply to the topical issue debate on this matter in the House on 15 January. I am acutely aware of the financial challenges faced by families and businesses from high electricity prices. However, it is important to note that the electricity and gas markets are commercial, liberalised, and competitive and that they operate within national and European regulatory regimes. I have no statutory function in the setting or review of electricity or gas prices. Responsibility for electricity and gas market regulation is a matter for the Commission for Energy Regulation (CER), which is an independent statutory body.
It should be noted that wholesale electricity prices tend to reflect the price-setting fuel in the market, which is natural gas, not crude oil. Oil accounts for only around 1% of electricity generation fuel and has little or no impact on the wholesale or retail price of electricity.
