Richard Boyd Barrett: Privatized Energy Failed, Public Ownership Needed
Richard Boyd Barrett challenges the consequences of energy market liberalisation in the House, arguing that privatisation has driven up prices and enabled profiteering. He cites a 267% rise in Irish energy costs after the ESB not-for-profit mandate was removed and calls for public ownership, more renewables and grid investment to protect families.
What he says: Richard Boyd Barrett sets out why the promised benefits of EU energy liberalisation have not materialised for consumers. He contrasts a 40% average European rise with a 267% increase in Ireland, arguing competition produced profiteering rather than lower bills.
Privatisation's impact: Boyd Barrett questions the removal of ESB's not-for-profit mandate and the effect of private companies on prices. He holds that competition led to rampant profiteering in the market and that prices for consumers rose instead of falling.
Renewables and long-term costs: The TD argues the most effective pathway to lower household bills is a major expansion of wind and solar. More renewable generation will reduce reliance on volatile gas markets and, in time, remove the need for repeated emergency support packages.
Global pressures and grid investment: He acknowledges external factors - the war in Ukraine and Middle East disruptions - as drivers of price spikes tied to fossil-fuel dependencies. Boyd Barrett also stresses the need to reinvest in the grid and notes planned capital spending of up to 13 billion over the next five to six years.
Policy consequences: The speech calls for an honest parliamentary debate about energy policy, a return to public, not-for-profit ownership of core energy infrastructure and clearer public communication about the cost-saving benefits of renewables.
What he says: Richard Boyd Barrett sets out why the promised benefits of EU energy liberalisation have not materialised for consumers. He contrasts a 40% average European rise with a 267% increase in Ireland, arguing competition produced profiteering rather than lower bills.
Privatisation's impact: Boyd Barrett questions the removal of ESB's not-for-profit mandate and the effect of private companies on prices. He holds that competition led to rampant profiteering in the market and that prices for consumers rose instead of falling.
Renewables and long-term costs: The TD argues the most effective pathway to lower household bills is a major expansion of wind and solar. More renewable generation will reduce reliance on volatile gas markets and, in time, remove the need for repeated emergency support packages.
Global pressures and grid investment: He acknowledges external factors - the war in Ukraine and Middle East disruptions - as drivers of price spikes tied to fossil-fuel dependencies. Boyd Barrett also stresses the need to reinvest in the grid and notes planned capital spending of up to 13 billion over the next five to six years.
Policy consequences: The speech calls for an honest parliamentary debate about energy policy, a return to public, not-for-profit ownership of core energy infrastructure and clearer public communication about the cost-saving benefits of renewables.
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Transcript
The liberalisation of the energy markets across Europe was supposed to benefit consumers. The actual result of the removal of the ESB not-for-profit mandate and the introduction of competition into the market actually resulted, across Europe, in a 40% increase in energy costs but in Ireland the increase was 267%. So what we actually got was competition led to rampant profiteering by private energy companies and prices for the consumer didn't go down, they went up. So is there a recognition that actually having the energy sector driven by profiteering companies has failed and that we need to bring the energy sector back into proper public ownership and run on a not-for-profit basis? I said it earlier in another question, we do need to, in the House, have an honest conversation about energy because people have looked for support, quite rightly. We've had to get about 750 million to alleviate the pressures on families. But the most effective pathway is to have more renewable because that will reduce the costs. We need to communicate that better to the public. More wind and more solar means cheaper energy costs in the long term. We won't have to be putting 750 million packages. Our energy credit's forever more and it's that over-reliance on the gas side of it and it's all important. And if you look at all of the graphs, we're still not at a level, even though our energy now is around 40% for manoeuvres or electricity, sorry, generation, is around 40% for manoeuvres. So there's been an onshore wind revolution over the last 30 years and it's caused pressures and challenges of that, there's no doubt. But equally, fossil fuel is damaging as well. Sorry? Hasn't brought down the price values? No, because there's other factors. I mean, the war in Ukraine was a huge factor. The problem with fossil fuels is it's coming from areas where there's conflict. So we had a huge problem with Russia invading Ukraine, there was a huge energy crisis because Europe decided, correctly in my view, to eliminate its dependency on Russian oil and gas. Middle East, a war now, 20% reduction in world supplies has pushed up the price and it's caused huge problems for us. And you do need reinvestment in the grid. Now we've supported, we've given equity to air grid and we're now at the stage where up to 13 billion will be spent over the next five to six years on the grid itself.