Rose Conway-Walsh: Calls for State-led Fix to Soaring Electricity Prices
Rose Conway-Walsh spoke about rising electricity prices, the structure of the wholesale electricity market, and the wider impact on households and fishing communities. She argued the market model has failed, called for state-led measures, and backed lowering battery rates as submitted by her party president Mary Lou MacDonald.
Main points
She began by supporting her Sinn Féin colleague Porek McLaughlin on the treatment of the fishing industry, saying fishing communities around the country, including in her own county Mayo, are being destroyed while the government stands by. She described the situation for fishing families as scandalous and unacceptable.
Electricity market critique
She explained that under the current system the wholesale electricity price is set daily by the last power plant needed to meet demand, with gas plants often setting the price. She said this forces cheap renewable energy to be sold at the same high price as fossil fuel-based power and criticised the EU-backed liberalised market model for prioritising private ownership over state control and stable prices.
Household impact and corporate profits
She noted the electricity provider had announced a fifth price increase of the year and said every household has seen substantial rises, contributing to fuel poverty. She contrasted household hardship with corporate gains, citing BP's reported quarterly profits of 3.3 billion versus 86 million the previous year.
Calls for state action and EU debate
She urged using every means to make electricity affordable, including lowering the battery rates submitted by her party president Mary Lou MacDonald, and advocated a state-led transition to green energy rather than large private incentives. She also criticised the government for joining other member states in blocking debate at the European Council and noted that Ireland and eight other EU member states issued a joint statement refusing to support wholesale market reform ahead of an emergency meeting of energy ministers.
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Goera maith agat, Lauska Heerleach. At the outset I want to support the contribution of my Sinn Fein colleague Porek McLaughlin in relation to the fishing industry and the treatment of our fishing families. It's absolutely scandalous and as he said we are the laughing stock of the EU. Fishing communities all around this country are being destroyed. Fishing communities in my own county in Mayo are absolutely being decimated and the government are standing by and watching this happen. It has to stop. Yesterday the electricity provider announced its fifth price increase of the year and every household in the state has seen their electricity bill rise substantially. We must use every means possible to make electricity affordable and that includes lowering the battery rates as was submitted by my colleague our party president Mary Lou MacDonald. Some of the escalating costs are caused by things beyond our immediate control such as the global price of gas going up. Yesterday we see the BP post their quarterly profits of 3.3 billion for the quarter. That's as opposed to 86 million last year. So there are lots of people making lots of money on the backs of people who are really suffering from fuel poverty. The real issue here is how the electricity markets operate. Under the current system the wholesale electricity price is set on a daily basis by the last power plant needed to meet overall demand for power. The gas plants often set the prices in this system. This is unfair as it results in a cheap renewable energy being sold for the same price as the skyrocketing fossil fuel based power. Our system is a model that has been pushed by the EU on member states for the last couple of decades and Sinn Féin have long opposed the liberalisation of the electricity market and indeed that it was a silver bullet to both promoting renewable energy and delivering affordable electricity prices. It has failed on both counts. We oppose this precisely because it prioritises the transition to renewable energy based on private market ownership and remove the ability of the state to provide stable electricity prices to consumers. But now with the price of gas skyrocketing we are getting hit by extortionate electricity prices. Now Spain has led calls for a revamp of the wholesale power market in response to the price spike. But instead of engaging with concerns of the Spanish and other member states, the citizens and the citizens right here, this government has joined with the minority to block any real debate at the European Council. Why should we not be thoroughly examining every possible option to make electricity affordable for hard-press households and families? Ahead of an emergency meeting of the energy ministers to discuss the recent price spike, Ireland and eight other EU member states released a joint statement that they would not support reform of the electricity markets, ending any discussion on reform that might actually help people through this winter. This is based on a dogmatic belief in market liberalisation and the idea that we should not interfere with the functioning of the market, even if there is manipulation of supply, but we need state-led transition to green energy, not huge incentives to private energy providers to deliver renewable energy. The COVID pandemic has necessitated at least the temporary changing of state aid rules and fiscal rules, and we need to look at something like this in relation to escalating electricity prices. Thank you guys. Thank you very much.
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