Irish Minister of State Tony Killeen has welcomed the Commission for Energy Regulation's announcement to keep both gas and electricity prices at current levels until October 2009.

The Clare TD said it was logical that, as the price of oil and gas falls, that this saving should be passed on to the consumer in the form of cheaper energy bills.

"I especially welcome the confirmation by the chairman of the Commission for Energy Regulation, Michael Tutty, that there may be a price reduction for gas after October.

-- Advertisement --

"This announcement is timely considering the current row between Russia and Ukraine over gas and its potential impact on prices here. Bord Gáis and the ESB have already bought most of the gas needed for energy up to Autumn 2009," said Minister Killeen.

Commenting on the predicted freeze on electricity prices, Mr Killeen said: "In these difficult economic times we must ensure that both domestic and commercial users receive the best possible value from the ESB, the agency which provides the majority of the country’s energy."

Meanwhile, Mr Killeen has welcomed ESB's plans to be carbon neutral by 2035.

"The timeline set by the ESB is well ahead of the EU wide target of 2050. I also welcome its ambitious plan to source 33% of its overall production from renewable energy sources by 2020. This will create positive benefits for the environment and the consumer," he said.

(PR/KMcA)