The Government is looking at the possibility of using "time of day pricing" for electricity in an effort to address spiraling energy costs.
Time of day pricing is a system where the cost of electricity is lower at certain times of the day when there is less demand.
It means, for example, consumers could use a washing machine at a time of the day when energy prices are lower.
Minister for the Environment, Climate and Communications Eamon Ryan said time of day pricing could allow people to "save further through the pricing mechanism".
"We will come forward in the coming weeks with mechanisms such as that," Minister Ryan said.
He said the Government will look at market mechanisms and further efficiencies and "not just looking at the Government signing every cheque".
He was responding to Social Democrat co-leader Róisícn Shortall, who told the Dáil that there was "an emergency situation".
Minister Ryan said he will meet energy providers again and ask them to consider putting all customers on the beneficial package that new customers get.
He said he will ask them to look at that measure, which is being used in the UK and see if it might work in Ireland.
Minister Ryan has said that the ESB had hedged against the risk of gas price increase over the past year by buying forward-contracts for gas which is used to generate electricity.
However, he said, those hedging strategies are now coming to an end and that is why Electric Ireland had to announce the very large increases in gas and electricity prices yesterday.
The price increases announced were for residential electricity prices to rise by 23.4% and gas prices by 24.8% with effect from 1 May 2022.
The company said the increases would typically add €24.80 per month to the average residential electricity bill and €18.35 per month to the average residential gas bill, based on the estimated annual bill as defined by the Commission for Regulation of Utilities.
Minister @EamonRyan says the Government has introduced a number of measures to help "cushion the blow" of the rise in fuel and energy costs, but adds "we are going to have to do a whole lot more." | More: https://t.co/uoImp8aT6M pic.twitter.com/m2PVCcO5vo
— RTÉ News (@rtenews) March 31, 2022
Earlier, Taoiseach Micheál Martin indicated that the Government may change the eligibility criteria for the fuel allowance payment, and that social protection measures to help families with children could be on the cards.
Richard Boyd Barrett of People Before Profit/Solidarity said yesterday's price rise on electricity and gas by Electric Ireland were "yet another hammer blow" to people.
He said 470,000 people are at risk of energy poverty and almost 10,000 people are in emergency accommodation, "and it's getting worse".
Mr Ryan replied that "the cost-of-living crisis is driven by the war", and he said that "profiteering by Mr Putin" has pushed prices up.
"That's a fact - that's a reality," he said.
Sinn Féin again called for an urgent response from Government to help people cope with rising energy costs.
Finance spokesperson Pearse Doherty said that without action, low and middle income earners will face the brunt of these price rises.
He asked the Government to "press" the European Commission to allow it to cut VAT on fuels and said excise duty on home heating oil should be reduced from tonight.
Sinn Féin also wants Government to engage with the ESB, of which Electric Ireland is a subsidiary, to ensure any company profits are passed on to consumers.
Minister Ryan said there was an existential crisis facing the country, but the energy credit will be seen in people's bills from next week on.
He said the Government would have to "do a whole lot more", but measures would have to be targeted at lower income households.
He said the Government cannot promise that it can cut every tax and every bill, because it must pay for services for its own people and for those seeking refuge here.
Sinn Féin's @PearseDoherty raises the issue of energy prices and asks Minister Eamon Ryan is it the Government's intention to reduce VAT on domestic energy bills? | More: https://t.co/uoImp8aT6M pic.twitter.com/SbCA0fjsaW
— RTÉ News (@rtenews) March 31, 2022
Speaking later at the Energy Show at the RDS in Dublin, Minister Ryan said there has been almost a three-fold increase in applications from the public for the grants and energy efficiency programmes operated by the Sustainable Energy Authority of Ireland.
He said some of the energy efficiency measures for which grants of up to 80% were announced in recent weeks, particularly cavity wall and attic insulation, can be done very quickly, at not a huge cost, and could deliver up to 25% energy savings for average homes.
Mr Ryan also said he expects the first SEAI "One-Stop-Shop" for energy upgrades to be officially launched and ready to do business next week.
Govt can't react on weekly basis - Taoiseach
The Taoiseach has said the Government cannot react on a weekly basis to rising energy costs and inflation.
Micheál Martin said they cannot keep chasing increases, but the Government can help to the best of its ability within the Exchequer to support people and target next year's fiscal situation and budget to help those people and sectors that are hardest hit.
Speaking on RTÉ's Today with Claire Byrne, Micheál Martin said measures to help people and sectors that are hardest hit could include expanding eligibility to the fuel allowance.
The war in Ukraine means countries must double down on renewables, he added.
Mr Martin said Ireland is not as dependent on Russian gas and oil as other countries, but nonetheless will have to adapt.
He said the carbon tax is a more permanent feature to give the Government revenue for schemes for retrofitting, which will ultimately be a better way to reduce bills in homes.
He said there is a 90-day supply of fuel in the country and people should "absolutely not" panic buy, but he warned that this might be a longer-term problem than people anticipate.
Meanwhile, the head of Social Justice and Policy with St Vincent de Paul has urged the Government to act now and put supports in place for low-income households, ahead of increased energy costs next winter.
Speaking on RTÉ's Morning Ireland, Tricia Keilthy said one in six households were experiencing energy poverty prior to this crisis, and that is expected to rise.
"We really want to see the eligibility for fuel loans extended to more people that need it," she said.
"We also want to see the Government commit to benchmarking social welfare rates against the cost of a minimum standard of living."
Ms Keilthy said St Vincent de Paul received more than 26,000 calls for help in January and February, with calls about gas and electricity up by around 30%.
Additional reporting by Mícheál Lehane, George Lee
