Energy Minister Eamon Ryan has announced significant reductions in Ireland's electricity and gas prices.

Official data published by Eurostat, the EU's statistical office, shows that in the year to June 2010, in Electricity:

• Domestic prices fell 12.2% and were equal to the EU average
• For medium to large businesses, prices fell by 20% – 36%, compared with the EU average of 4% – the largest drop in the EU

• Domestic prices fell by 23% to 5% below EU average
• For SMEs, prices were between 11%-18% beneath the EU average
• For medium to large businesses, Ireland was amongst the cheapest, with prices at 14% below the EU average

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"Government policy to develop open, competitive gas and electricity markets means that prices are now at, or well below the EU average, for all energy customers.

"Costs are also lower than those in the UK. This provides a crucial competitive advantage, as we seek to attract further investment and stimulate growth in the Irish economy.

"Companies are seeking to establish themselves in countries that have a low cost base and energy prices are therefore crucial. This data shows that Ireland can offer these lower prices."

This data follows a recent EU Commission study that shows that Ireland has the highest rate of consumer switching in electricity in the past two years at 28%.

(CD)