Irish Energy Minister Eamon Ryan has welcomed the results of the SEAI's latest 'Electricity and Gas Prices In Ireland' report.

The Eurostat data shows recent reductions in electricity and gas prices are bringing Ireland's energy costs closer in line with and, in some cases below European averages.

Sustained lower wholesale gas prices coupled with Government actions and policy are new delivering real and measurable benefits to energy consumers through increased competition and lower prices.

Electricity and gas prices fell for all types of energy consumers - large energy users, small and medium enterprises and in the domestic market. In general, prices in Ireland fell at a faster rate than in the EU.

Commenting on these statistics, Minister Ryan said: "We hear a constant refrain that Ireland is inordinately expensive in energy terms and how this is stifling business and hurting consumers. The facts show that far from way above the EU average, we are converging on the average and in many cases below.

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"These results are significant considering the structural constraints Ireland faces as an energy island with higher transportation costs, a widely dispersed population and the lack of power generation economies of scale as many other EU countries would have."

He continued: "Following two decades of under-investment in our networks, Ireland is also meeting the challenge of investing in our grid.

"EirGrid's Grid25 will invest €4 billion into our electricity infrastructure to modernise our national grid. ESB's plan to de-carbonise their power generation includes a €22 billion investment in that company. BGE have made great strides in the domestic gas and electricity markets. This does not include Airtricity, Viridian, Endesa and other private operators who have entered the Irish market. All of this work is overseen by the Regulator and my Department."

Minister Ryan concluded: "Our success in the area of renewables is only adding to our competitive international advantage.

"It is clear such success can only come about through collaboration and competition and careful management of the market. We will build on this success."

(NS/BMcc)