Vital that right decisions made on energy price cap, says Ryan

It is vital the Government makes the right decisions on an energy price cap as EU talks on the issue continue, Minister for the Environment Eamon Ryan said.

Although the concept was simple, it had potentially huge consequences that could cost a lot “if we get it wrong”.

Speaking on Newstalk Breakfast and RTÉ Radio’s Morning Ireland, Mr Ryan said it was easy for the Opposition to call for a price cap but that it was important for the Government to get it right, to ensure the best use of public money.

The war in Ukraine looked likely to continue for some time, and energy could continue to be used as a weapon, he said, adding that in the meantime it was important that people “do not go cold” this winter.

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The energy credits included in the budget along with social welfare payments would help, and ESRI research had indicated this was the best way to help the poorest homes, the Minister said.

Mr Ryan dismissed a call by Social Democrats for holiday homes to be excluded from energy credits. To do that would take time and delay payments, and the aim was to get assistance to people as quickly as possible, Mr Ryan said.

Although the issue of an energy price cap had not been resolved at the meeting of EU energy ministers, a lot of progress had been made on other issues, said the Minister, adding it was important for the EU to remain united during this increasingly difficult period.

Joint negotiations with energy suppliers could bilaterally bring down prices — the world was moving faster “in the green direction”, and Ireland would be to the fore, he said.

Solutions in the public interest would be made in relation to energy storage and planning for that, and energy security had commenced before the war, Mr Ryan said.

However, any plans would take years to come to fruition because they would have to go through the necessary planning process and construction, he said.

The Minister said he did not believe the concrete levy would be delayed but said details would not be available until the finance Bill on October 20th. Ultimately the public was going to have to pay “one way or the other”.

When asked about the possibility of energy credits for pay-as-you-go customers, Mr Ryan pointed out there were supports in place through Mabs and organisations such as St Vincent de Paul.

If people were in difficulty they would get the help they needed, he said. “We don’t want anyone to go cold this winter”.