The Chief Executive of Bord Gáis, Gerry Walsh, said the company expects to reduce gas prices to customers from October as wholesale costs begin to ease.
Mr Walsh said that while the wholesale gas markets were still very volatile, consumers could expect a reduction of at least 10%.
It would be the second time this year when customers' gas prices have fallen after significant increases in previous years.
Speaking after the release of the Bord Gáis annual report, Mr Walsh said the rise in wholesale gas prices, which led to a billing increase for customers, was unprecedented and regrettable.
Much higher energy costs on the international markets led to a 25% increase in gas bills in late 2005 and a further 34% rise in October 2006.
Bord Gáis reported a drop in profits despite an increase in its turnover.
The gas market, which has been open to full competition for business users since 2004, is due to open for all households this year.
