Dáil Éireann Debate, Wednesday - 26 April 2023
37. Deputy Ivana Bacik asked the Minister for the Environment, Climate and Communications if his Department tracks the wholesale price of gas; if he is provided with regular briefings on the costs being paid by Irish energy supply companies for gas; if he will provide copies of any briefings, memos or notes he has been given to date in 2023 on energy prices in Ireland; and if he will make a statement on the matter. [19675/23]
View answerHigh energy prices are a significant concern to Government which is why a suite of measures has been introduced, most recently the new €1.2 billion package, announced in February, which extended the VAT reduction on electricity and gas until the end of October. This is in addition to the measures announced in Budget 2023 which introduced €2.5 billion of once off cost of living supports to protect households from high energy costs. This included three €200 (VAT inclusive) Electricity Costs Emergency Benefit Payments as well as a €400 lump sum payment to Fuel Allowance recipients.
The most significant factor affecting retail electricity and gas prices in Ireland is the wholesale price of gas. While wholesale prices have reduced from their peak in August 2022 they are still trading at twice their historic levels. My Department actively monitors the wholesale price of gas and electricity. The retail electricity and gas markets are commercial and price setting is a matter for individual suppliers.
