Energy prices may fall after Ryan orders review

Gas and electricity bills may be set to fall after Minister for Energy Eamon Ryan tonight ordered a price review.

Gas and electricity bills may be set to fall after Minister for Energy Eamon Ryan tonight ordered a price review.

The Green Party minister said he asked the Commission for Energy Regulation to explore ways of reducing energy prices for householders and businesses.

Mr Ryan told the Dáil that he expects cuts in the cost of fuel globally to be passed on to consumers after the commission's review.

"To this end, I am tasking the energy regulator to undertake an immediate review of options to bring forward a reduction in electricity prices," he said. "Based on current trends I expect a double-digit cut in electricity and gas prices this year."

"The Government has to maintain a secure and sustainable energy supply at competitive prices," he said.

Mr Ryan accepted electricity prices remain relatively high in Ireland but said consumers must understand the reasons behind that. These included the global price of fossil fuels, particularly natural gas, and the fact that Ireland was 90 per cent dependent on imported fossil fuels.

"The single best action we can take for electricity prices in both the short and medium term is to develop Irish supplies of renewable energy," he said.

He said investment in renewable energy could preserve and create thousands of jobs in th energy sector.