Minister Chambers: Fianna Fáil’s energy action plan will drastically reduce costs for households and businesses
Published on: 12 November 2024
Fianna Fáil Minister for Finance Jack Chambers TD has said Fianna Fáil’s extensive plans for the energy sector will dramatically reduce energy prices for families and businesses and ensure that Ireland can meet its energy needs.
Minister Chambers said the party wants to bring energy prices down for businesses and consumers as he unveiled details of the party’s energy measures as contained in our General Election Manifesto.
Fianna Fáil will tackle energy prices by:
- Retaining the 9% rate on electricity and gas rates.
- Reduce the PSO levy on businesses’ and households’ electricity bills by an average of €40 by switching to direct State subvention.
- Monitoring network costs by utilising the OECD and benchmarking against other countries.
- Creating a new Minister of State for Energy to lead Ireland’s energy transformation.
- Investing €2.5 billion to upgrade Ireland’s national energy grid.
- Reforming the Commission for Regulation of Utilities (CRU).
- Accelerating transition to renewables to ensure low-cost electricity generation.
- Introducing a new scheme to increase the affordability of retrofitting for households.
- Completing the Celtic Interconnector to safeguard Ireland’s energy supply.
Minister Chambers said: “Irish energy prices are too high. They are among the highest in Europe which is causing both families and businesses alike significant difficulties.
“In government Fianna Fáil introduced a range of supports including energy credits and other one-off payments. But we know further action is needed to permanently reduce energy prices.
“Fianna Fail has an extensive plan that will reduce energy bills and secure energy supply.
“We will keep the electricity and gas rate at 9% over the next five years and switch to direct State subvention of the PSO levy so that consumers and businesses no longer have to pay for this. This will save electricity users €252 million every year.
“We will also continuously monitor network costs and benchmarking them against other EU countries.
“Most importantly we will upgrade the national electricity grid, which is in desperate need of modernisation, using funding from Ireland’s Escrow account so that householders will not have to bear the cost.”
The General Election Manifesto also commits to reforming the CRU so that there is a commitment to achieving low costs for customers, and it also commits to accelerating the transition to renewables to ensure lower-cost and more sustainable electricity generation.
If returned to government, Fianna Fáil will improve the energy efficiency of the housing stock by increasing the affordability of retrofitting households.
Fianna Fáil General Election candidate for Louth, Alison Comyn, said: “Energy prices have hit families and businesses hard. We know that urgent action is needed. It is one of the main issues coming up on the doors consistently.
“That’s why Fianna Fáil wants to implement a radical programme of investment and reform of the energy sector, which will push down energy bills and ensure security of energy supply for the future.
“We will make sure that electricity prices are permanently reduced so that householders and businesses no longer struggle to pay high bills.”
Fianna Fáil General Election candidate for Louth, Alison Comyn, said: “Energy prices have hit families and businesses hard. We know that urgent action is needed. It is one of the main issues coming up on the doors consistently.
“That’s why Fianna Fáil wants to implement a radical programme of investment and reform of the energy sector, which will push down energy bills and ensure security of energy supply for the future.
“We will make sure that electricity prices are permanently reduced so that householders and businesses no longer struggle to pay high bills.”
ENDS
Note to Editors:
Energy policy document below:
