A planning application has been lodged with Fingal County Council for a new 293MW gas fired power station at Huntstown in north Co Dublin.
Kilshane Energy wants to build the plant, which will cost €150m and 18 months to construct.
If it goes ahead, it will produce enough electricity to power more than half a million homes and businesses.
"The timing of our application coincides with this week's Policy Statement on Security of Electricity Supply, issued by the Minister for the Environment, Climate and Communications, Mr Eamon Ryan, in response to the potential supply issues facing the country," said Stuart Draffin, Director of Kilshane Energy.
"We note a key part of the Proposal is the addition of gas-powered electricity generation stations."
"Kilshane is working towards having its project operational to meet the objectives of the government."
Gas fired power stations are set to be a central provider of power while the level of renewable energy is ramped up in this country.
This is because they can be used to fill in the gaps that result from the intermittent nature of renewable generation like wind and solar.
"In terms of continuity and security of supply, the gas-fired power plants will act as back-up for renewable energy sources, and although powered by fossil fuels, they emit significantly less greenhouse gases than other fossil fuel plants," said Mr Draffin.