The Tánaiste has said he believes energy companies could be doing more to reduce their prices.
His comments follow today's news that Electric Ireland plans to cut what it charges residential customers.
The company is reducing electricity prices by 8% and gas prices by 7%.
The cuts will take effect from 1 March and will benefit the provider's 1.1 million household customers.
Micheál Martin welcomed the announcement by Electric Ireland, but said he believed energy prices should be falling faster.
"I believe they could be doing more, quicker," Mr Martin said, referring to energy companies.
"I am conscious there has been a lot of pressure on families over the last two years in particular, since the war in Ukraine and the consequent increases in energy prices and, of course, the post-Covid period.
"I think it is a welcome move today that we have witnessed, but I think there's space for more as well," he added.
Meanwhile, the Minister for Finance said today's price cut would be welcomed by Irish households.
Michael McGrath was speaking on his arrival for a Eurogroup meeting in Brussels, where the issue of energy costs is on the agenda.
"I've always made the point that when we see improvements in wholesale prices those benefits need to be passed on quickly to households, so they can feel the benefit," Minister McGrath said.
"I would expect that we will see further announcements in the very short-term by other energy providers in the Irish market who will want to protect their market share," he added.
Earlier today, Electric Ireland announced that both the residential electricity unit rate and standing charge will fall by 8%, leading to savings of €152.78 on the average annual electricity bill.
The unit rate and standing charge for gas will also drop by 7%, resulting in a reduction of €111.29 a year in the average gas bill.
The company claims the changes will result in it having the lowest estimated annual bill in the market among standard electricity tariffs.
The cut is the second by Electric Ireland since energy prices plateaued at high levels as a result of the crisis brought on by Russian’s war against Ukraine.
In September the provider announced that it was reducing domestic electricity charges by 10% and gas prices by 12% and the cuts took effect in November.
"We are acutely aware of the pressure many of our customers continue to experience due to the impact of international events and the energy crisis over the last two years," said Pat Fenlon, Executive Director of Electric Ireland.
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"Following a reduction of 10% in electricity and 12% in gas prices last November, today’s announcement will deliver further reductions for our customers, resulting in a decrease of 17.2% in electricity and 18.2% in gas prices within a four-month period."
"This will mean a saving of circa €692.81 per annum."
Electric Ireland is the largest energy supplier in the Irish market.
In 2022, Electric Ireland raised prices three times, while in 2021 it raised them twice.
In general, energy suppliers in Ireland are now on a second round of cuts in prices, as they come under ongoing pressure to pass on the fall in the wholesale price of energy.
Last month the CSO said wholesale electricity prices were 14.1% lower in November than in the same month last year, while the overall energy products index was down 11.8% year on year.
Also in December, another large player in the market, SSE Airtricity, said it would reduce its domestic electricity rates by another 12.8% and its domestic gas rates by 11.5% in February.
Daragh Cassidy, Head of Communications for bonkers.ie, said it is likely all the other main suppliers will announce similar cuts over the coming weeks, if not days.
But he noted that even after today's reduction, Electric Ireland's electricity prices remain around 85% above where they were in 2020 before Covid and then the war in Ukraine, which wreaked havoc with energy prices.
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Its gas prices are also still over double previous levels.
"Prices are falling, but they're falling from really high levels. So it'll still be a very expensive winter to heat and light our homes. And of course this price cut doesn't come into effect until March 1," Mr Cassidy said.
"Looking forward, the good news is that wholesale gas and electricity prices continue to fall," he said.
"They're still at very high levels but if the trend continues - barring another economic shock of some sort - it's very likely we'll see a third price decrease from Electric Ireland of around 10% to 15% in the second half of the year I think," he added.
