EU energy ministers, including Minister Eamon Ryan, will attend an emergency meeting on energy in Brussels today.
The European Commission wants them to consider a mandatory reduction in electricity use during peak hours and a price cap on energy companies.
Ministers will also look at liquidity support for energy providers to guarantee the future stability of the energy market.
Tim McPhie, spokesperson for Climate Action and Energy at the European Commission, explains how the price cap would work "There are companies that are making exceptional profits at the moment because the prices are driven up by gas power plants setting the price of electricity. What we are proposing is setting a fair cap on the revenues so what you have is the extra profits, instead of going to these energy companies, go into the hands of national governments."
