Ryan expects double-digit reduction in electricity prices

Energy Minister Eamon Ryan has reportedly said that he expects electricity prices to fall by at least 10% this year.

Reports this morning say Mr Ryan told the Dáil last night that he had asked the Commission for Energy Regulation to conduct an immediate review of electricity and gas prices.

He said that, based on current trends, he expected a double-digit percentage decrease in electricity and gas prices in 2009.

The minister said he believed the best way to reduce prices was to develop Irish sources of renewable energy and to introduce more competition in the electricity sector.