“The recent partial climb down by the Regulator clearly indicates a serious error of judgement by the Government and its trust in the regulatory system,” according to Bernard Durkan TD, Fine Gael Spokesperson on Communications and Natural Resources.
“The recent decision, announced this afternoon, which was flagged through various soft interviews in the past two weeks, is an admission that the original decision to increase gas and electricity prices was wrong, because it had no basis other than to enhance Government VAT returns.
“The approval for these massive price hikes, granted by the Regulator, was irresponsible particularly at a time when international energy price indicators were on a downward trend.
“I now call on the Government and the Minister to review the entire regulatory system, which appears to be at variance with logic, national and international rationale and is clearly intended to alleviate political embarrassment and damage to the economy.
“More seriously, this is a slick political attempt to increase gas and electricity prices beyond anything that is warranted and make it look like a price reduction.”