Chambers Ireland has today accused the Commission for Energy Regulation (CER) of not moving fast enough to cut energy prices.
Speaking this morning, the business organisation's director of policy Seán Murphy said energy price cuts would help to boost the economy.
In December CER announced that the State energy company, the ESB, would cut prices charged to the Republic's 1.7 million households and its small business customers by just under 1 per cent in the new year.
At the same time, Bord Gáis, which supplies natural gas to over 500,000 homes as well as to a range of small businesses, said it would not increase its prices any further.
The regulator allowed both State companies to increase their charges substantially in the autumn as oil and gas prices hit record highs on world markets but prices have fallen dramatically since then.
"Given the decline in the price of energy internationally, there is now a compelling case for a cut of more than 10 per cent in energy prices for business and consumers. Reduced charges would have a significant impact on both residential and business costs and would be very beneficial in the context of supporting spending power and restoring confidence on the main streets of Ireland," said Mr Murphy.
"In our current economy, reduced energy charges now would strengthen cash flows for hard pressed businesses. This would also sustain jobs while improving Ireland's competitiveness. Given that CER approves electricity charges in Ireland, it must act without delay," he added.
The Labour Party welcomed the call from Chambers Ireland and urged the Minister for Energy Eamon Ryan to approve cuts as soon as possible.
"The Taoiseach and the Minister for Energy have promised a double digit reduction but there has been no change and high costs are crippling businesses at a time when the economy is suffering and people are losing their jobs," said the party's spokeswoman on energy Liz McManus.
"We need a sense of urgency but instead we have been getting prevarication on bringing forward price reductions. There is no reason why bills cannot be reduced immediately," she added.
