Minister for the Environment Eamon Ryan has predicted that energy prices will fall significantly for consumers early next year.
Mr Ryan said they would come down rapidly in the first three to six months of 2024 and it was a good news story for consumers.
"The fact that wholesale prices are so low and are trending further into the future tells me that's likely in the first quarter, first half of the year," he said.
SSE Airtricity had just announced a further price cut for February and other players would follow suit, Mr Ryan said.
The cut will lower the annual bill of a typical electricity customer by €219.29 and of a typical gas customer by €157.07. Standing charges are to remain unchanged, however.
The changes to SSE Airtricity rates will take effect from 1 February.
The move follows a previous price reduction by the supplier in September of up to 12%.
SSE Airtricity provides energy to more than 300,000 domestic customers in the Republic of Ireland.
Energy providers have slowly begun to reduce their charges in recent months as the cost of wholesale power falls.
Last month five price decreases took effect, including from Electric Ireland, Flogas, Bord Gáis Energy, PrepayPower and SSE Airtricity.
Wholesale electricity prices increased by 12.5% in October, but were 7.8% lower in the year to the end of the month.
Read more: Charity calls on more energy firms to cut prices after SSE Airtricity reduces rates
