The Minister for Communications, Marine and Natural Resources and the North's enterprise minister have launched a framework for the development of an all-island energy market.
Noel Dempsey and Barry Gardiner also backed plans for a second North-South electricity interconnector
The framework was produced in consultation with regulators, industry and other interested parties. It outlines the benefits of an all-island market and identifies the short to medium-term steps to be taken.
It is hoped that an all-island market will bring about reduced bills for both domestic and business users through greater competition.
Minister Dempsey said the proposed interconnector would provide increased security and reliability for the power system. The ministers have urged the regulators and transmission system operators to meet soon to consider ownership and income arrangements for the interconnector.
Construction is expected to take between seven and ten years and cost more than €100m.
At present it is not planned that either government would put money into the project and that Northern Ireland Electricity and ESB would carry the cost.
