Energy prices should fall by 10%

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Irish energy minister Eamon Ryan has said that he expects energy prices to fall by at least ten per cent in the coming year.

Yesterday (February 3rd) Mr Ryan told the Dail he had consulted the Commission for Energy Regulation on the future of gas and electricity prices, urging them to conduct an immediate review.

He said that "based on current trends" there should be a double digit decrease in the cost of electricity and gas for the consumer during 2009.

Mr Ryan claimed that the best way for Ireland to reduce electricity and gas costs and introduce more competition into the energy sector would be to promote the use and creation of renewable energy.

The announcement follows an investigation by the EU into high energy prices across the continent.

On Monday, the EU's commissioner of consumer affairs Maglena Kuneva claimed she would look into the cost of electricity and gas for consumers in all 27 EU countries.

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