Electricity and gas prices across Ireland are to be reduced, under proposals brought forward by Energy Minister Eamon Ryan, it has been revealed.

Electricity prices will be reduced by an average of 10% for all customers in April/May.

Gas prices for domestic and small and medium enterprises will be reduced by an average of 12% in April

Four weeks ago, Minister Ryan announced that he was asking the Commission for Energy Regulation to undertake an immediate review of options to expedite the reduction of electricity prices.

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Minister Ryan underlined the Government's ongoing commitment to mitigate energy costs for business in the current climate and announced that the decreases in gas and electricity prices will apply to all customers serviced by ESB, Bord Gáis and the independent suppliers.

"This move brings more money into people’s pockets at a time when they most need it. It helps our competitiveness, improving the cost base for Irish business," said Mr Ryan.

The Minister lauded the Commission for Energy Regulation, the ESB, Bord Gáis and all suppliers for their work in tackling the needs of business and consumers.

"The approach we have taken will maintain the integrity of our regulated markets, which will insure that real competition continues," he said.

(PR/JM)