Rose Conway-Walsh: Energy costs 'rip-off' harming businesses
Rose Conway-Walsh warned that astronomical energy costs are harming businesses and competitiveness, citing an international report that retail electricity prices are three times higher than wholesale. She urged prioritising decarbonisation and asked what additional measures will help businesses decarbonise and make energy more affordable.
Key findings
Rose Conway-Walsh said an international report confirms retail electricity prices in the state are three times higher than wholesale prices, calling it a rip-off of customers that drives up the cost of doing business and damages competitiveness.
Participation in supports
She argued that existing supports from Enterprise Ireland, including the Green Transition Fund, are not seeing participation rates that will contribute to achieving emissions reduction targets of 51% by 2030 and climate neutrality by 2050, and that upfront investment required for decarbonisation is unrealistic for many businesses.
Renewable energy as a solution
The speaker insisted decarbonisation and renewable energy must be prioritised to address high energy costs, while noting that the technology for businesses to decarbonise often requires upfront investment that is too expensive for many companies.
Ministerial response on energy security
The minister responded that renewable energy and the green transition are the key priorities, and warned of over-reliance on fossil fuel importation and energy security vulnerabilities. The minister also defended developing an LNG facility despite protests, but expressed concern about the timeline and the lack of backup interconnectors.
Outstanding question for government action
Rose Conway-Walsh pressed the minister directly: what additional measures will be put in place to assist businesses to decarbonise, make energy more affordable, reduce the cost of doing business, and boost competitiveness? The exchange included a brief interruption when Deputy Walsh left the chamber after asking the question but was expected to return.
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Energy costs in this state are astronomical and they're having a detrimental impact on competitiveness. This rip-off of Irish customers was confirmed again today by a recent international report which revealed our retail electricity prices are three times higher than wholesale prices, one of the highest price gaps in the world. We are completely exposed to the price of fossil fuels on the international markets and this is obviously driving up the cost of doing business here and businesses are being ripped off. Decarbonisation and renewable energy must be prioritised to address this but the technology for businesses to decarbonise often requires an upfront investment that is unrealistic and too expensive for many businesses. Existing supports in place from Enterprise Ireland with the Green Transition Fund amongst others are not seeing participation rates that will contribute to us achieving our goal in reducing emissions by 51% by 2030 and achieving climate neutrality by 2050. What additional measures to assist businesses to decarbonise are you putting in place to make energy more affordable to reduce the cost cost of doing business and to boost our competitiveness? Again, the renewable energy is the key. Deputy Walsh has gone. I'm kind of alarmed that there were protests about we having leaders' questions only once a week and so on, but the leaders of all the parties here are not here at all. There we go. Deputy Walsh has left after asking the question. She will be back, to be fair. Sorry, Deputy Walsh, I was just saying that the renewable energy is the key and the green transition is the key. I accept your point there and one of the issues we have is the over-reliance on fossil fuel importation on a number of fronts, energy security being the key one. By the way, everybody here is complaining about the decision to have an LNG facility. Like, it would be utterly irresponsible if we don't develop that. My concern is the timeline to develop it, because we have no backup if anything is to happen, the interconnectors. And that is a big energy or security of vulnerability. Thank you.
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