The best way to remain competitive and reduce long-term energy costs is to embrace renewable energy, according to Minister for Communications, Energy and Natural Resources, Eamon Ryan.
The minister’s comments come as data published by Eurostat – the statistical office of the European Union (EU) – claims that Ireland has made significant reductions in electricity and gas prices.
“Ireland now has some of the cheapest energy in the EU … but we can go further,” said Ryan.
“The single best way that we can reduce energy costs in the long-term is to develop our renewable energy resources.
“Our wind and our waves will deliver a clean, efficient energy supply for Ireland and the years ahead will provide us with an even greater advantage.”
The report broke down the costs:
- Domestic prices fell 12.2pc and were equal to the EU average
- For medium to large businesses, prices fell by 20pc-36pc, compared with the EU average of 4pc – the largest drop in the EU
- Domestic prices fell by 23pc to 5pc below EU average
- For SMEs, prices were between 11pc-18pc beneath the EU average
- For medium to large businesses, Ireland was amongst the cheapest, with prices at 14pc below the EU average
This data follows a recent EU Commission study that shows Ireland has the highest rate of consumer switching in electricity in the past two years at 28pc.