The Government is considering using mandatory time-of-day pricing for electricity, Eamon Ryan revealed yesterday.
The move could see people switching on appliances in the evening to save money when power would be cheaper.
Time-of-day pricing is a system whereby the cost of electricity is lower at times when there is less demand.
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The measure is being floated following the Energy Minister’s meeting with the Commission for Regulation of Utilities.
Households could opt out if they want to use a lot of electricity during the day – but it would be more expensive.
Minister Ryan said: “One [measure] that could be really effective is time-of-day pricing, make that mandatory.
“Then you would switch on the dishwasher, the washing machine at 8pm or 9pm, not at 6pm when it’s expensive. Or you would have to opt out.
“The benefit from that is you save money, we don’t have to turn on as many gas points at that peak point and it’s putting the power back in the hands of the consumer to help address these really hard bills.
“We will come forward in the coming weeks with a number of other measures to try and help address the real crisis which we don’t know how long is going to last. We’re going to have to do a whole lot more. The [measures] are going to have to be targeted at those houses at risk of fuel poverty.
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“Russia was threatening in effect to switch off the gas and oil to Europe which would see a further spike in prices that are already beyond historic.”
The Green Party leader also confirmed the €200 energy credit should begin to come off people’s bills from next week.
He told the Dail he will meet with energy providers again and ask them to consider putting all clients on the beneficial package given to new customers.
His comments came as the Taoiseach moved to play down any fears of a fuel shortage, warning the public there was “no need” for panic buying.
He said the Government was focused on “security of energy supply before we head into the winter.” Asked if he was confident there is a 90-day supply in Ireland, Micheal Martin added: “Yes. This is a longer haul than people might have anticipated because of the war in Ukraine.”
Mr Martin also indicated the Government may expand eligibility for those who can avail of the fuel allowance – something Sinn Fein has been calling for.
And he suggested social protection measures to help families with children are up for discussion.
He said: “The increase in the fuel allowance we’ve brought in, it’s been quite significant. It has doubled now since this Government came in.
“But I think we need to go further on that and perhaps expand eligibility around the fuel allowance.
“But also families with children, we would take steps through social protection that we would protect families with children and give them extra help and extra assistance.”
However, he defended the Government’s handling of cost-of-living increases, saying you “cannot react on a weekly basis”.
Electric Ireland is the latest supplier to announce it is hiking energy prices which will have seen combined annual rises between gas and electricity climb by €500 for the average household over the past 18 months.
Speaking to RTE’s Claire Byrne show, Mr Martin said there was a palpable feeling of “uncertainty” over energy prices and supply at the European Council meeting in Brussels last week.
He added: “We’re going to have to stand back a bit in terms of preparing for the next Budget and take the longer view in terms of the implications of this war on our fiscal situation as well as expenditures.”
He also said the carbon tax, due to be introduced in May, is needed to “enable us to do energy efficiency, for example, due to retrofitting homes which is
ultimately a better way to get people to have lower bills well into the future”.
Sinn Fein’s Pearse Doherty accused Minister Ryan and the Government of failing to bring in measures that would effectively reduce bills.
He said: “We need a Government that will press the Commission to allow VAT to be applied on domestic energy bills at a rate of zero.”
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