EU energy ministers gather in Prague today in an attempt to make some tangible progress on setting a gas price cap along with other measures to address the ongoing crisis.
The energy crunch is throwing political systems into disarray as countries scramble to shore up oil and gas supplies while trying to figure out ways to pay for eye-watering interventions to help businesses and households.
In the UK, the British government was last night forced into yet another U-turn after ministers announced plans to cap the excess revenues of renewable and nuclear power producers from next year.
Word of the cap filtered out shortly after 9pm, with the media quick to point out that UK prime minister Liz Truss had – on a number of occasions – refused to commit to such a move during the Conservative leadership contest.
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As we are all aware (now that we are being forced to become accustomed with the vagaries of international energy markets) electricity prices are typically set by gas, so the thinking in the UK is that this measure will apply to generators that sell their power at those high prices but do not need to buy expensive fuel.
Liz Truss isn’t the only leader feeling the squeeze.
In the US, President Joe Biden is being forced to reassess his relationship with Saudi Arabia after the Organization of Petroleum Exporting Countries (Opec), led by Saudi Arabia and Russia, said it would slash oil production by 2 million barrels a day. The reduction is equivalent to about 2 per cent of global oil demand, and risks piling further pressure on households globally. It also comes just weeks before the US midterm elections.
And so, under pressure, Biden has signalled an openness to retaliatory measures, including a halt to arms sales, further heightening geo-political tensions.
Back at home, Dáil proceedings will today also be dominated by two energy related items: first, a massive supplementary budget will be pushed through to pay for the planned three €200 energy credits. The Cabinet has already approved the allocation of an extra €1.3 billion for this.
Then later, the legislation to back it up will also come before the chamber.
The Opposition won’t be praising the Government though, if Harry McGee’s report today is anything to go by. He is reporting on widespread criticism of what is being labelled as an “outrageous” inclusion of holiday homes in emergency energy credit scheme.
The Coalition is facing sharp criticism over its decision to include almost 62,000 holiday homes when emergency energy credits are given to 2.2 million households in the coming months.
“A series of TDs claimed that the Government had ample time to create a targeted rather than universal measure to exclude those on incomes of more than €100,000 and those with holiday homes,” McGee reports here:
Elsewhere on the political agenda
A few big ticket items are either scheduled today or simmering away.
This includes a “People’s Assembly” event in Belfast which has been organised by Sinn Féin. Seanín Graham has all the details here about the fully subscribed event.
Meanwhile, the scene appears to be set for a showdown between the House of Lords and the House of Commons over the Northern Ireland Protocol Bill, which has been under consideration by the unelected upper house. As Pat Leahy reports today, there are warnings of damage to Northern Ireland business and politics if the Bill is passed.
Elsewhere, it looks like it may be curtains for the concrete blocks levy, at least for now. As Jack Horgan Jones reports, the Minister for Housing Darragh O’Brien and Minister for Public Expenditure Michael McGrath are to put together a paper on the levy highlighting the Fianna Fáil parliamentary party views. They will then pass it on to Minister for Finance Paschal Donohoe. A group of Fianna Fáil TDs met yesterday with Mr O’Brien but the message was clear: now is not the time for the levy. So after much guffawing about the UK’s big budget U-turn, we may be set for our very own. Read Jack’s piece here.
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Playbook
Dáil Éireann
Topical Issues are up just after 9am, followed by Private Members’ Business at 10am when the Labour Party will bring a motion in relation to pay rises for community and voluntary sector workers.
Leaders’ Questions are up at noon with Sinn Féin, the Social Democrats, the Independent Group and Rural Independent Group all set to put questions to the Government.
Questions on Policy or Legislation are scheduled for roughly a half hour later and, after this, TDs will note the supplementary estimates (or extra money) needed to bring in energy measures such as the three €200 credits.
At 7pm, the legislation to give effect to same – the Electricity Costs (Domestic Electricity Accounts) Emergency Measures and Miscellaneous Provisions Bill 2022 – will be debated. There will be Dáil votes before the end of business at 9pm.
Read a more detailed schedule here.
Seanad
The Seanad sits from 10.30am until 8pm today. First up will be commencement matters followed by the order of business and then Government business at 2pm. The Government business segment will see statements on the report of the Commission of Investigation (IBRC) on the transaction in relation to Siteserv.
At 3.45pm, Green Party senators will bring a Private Members’ motion in relation to breastfeeding. The Seanad adjourns at 8pm.
Committees
The highlights of the committee schedule come earlier in the day, with the first five committees due to look at everything from the cost of living to long Covid.
At 9.30am, the Joint Committee on Enterprise will discuss the cost of living and minimum wage increase as well as the Low Pay Commission report. Representatives from the Irish Congress of Trade Unions will be present.
The Joint Committee on Health meets at the same time to discuss issues related to addressing both long Covid and monkeypox. The committee will hear from representatives of the Health Service Executive (HSE).
Also at 9.30am, the Joint Committee on European Union Affairs will hold an engagement with the ambassadors of Albania, and Bosnia and Herzegovina to discuss the the European Union’s accession process.
At midday, the Joint Committee on Gender Equality will hear from Taoiseach Micheál Martin on the Implementation of the recommendations of the Citizens’ Assembly on Gender Equality.
