The Irish electricity market has been growing by six per cent each year and is set to experience annual growth rates of more than four per cent, an energy seminar was told yesterday.

The Minister of State for Public Enterprise, Mr Joe Jacob, said that significant progress has been made in relation to the deregulation of the electricity market in Ireland.

A second Electricity Bill is currently in preparation, which will convert the ESB into a public limited company under the Companies Act. It is predicted that the market opening would increase to approximately 40 per cent in two years, with effective 100 per cent opening in about five years.