A new plan to reduce electricity bills will be considered by Cabinet this morning.

Environment Minister Eamon Ryan is tabling a plan that would allow the PSO (Public Service Obligation) levy to be set at a negative number.

The levy was already reduced to zero under the National Energy Security Framework announced last April

That change, coming into force this October, will save households roughly €58 per year on their bills.

Allowing the levy to go negative will mean a further reduction for customers.

Minister Ryan is also giving Eirgrid permission to buy 450 megawatts of temporary energy generators for the winter of 2023/24.

The move aims to secure the country’s energy supply for the winter – after Eirgrid warned the country could experience a shortfall as the country moves away from fossil fuels and builds up renewable supplies.

The extra energy is equivalent to the annual output of a large generation station.

The cost will be recouped from customers over the next three years; however, Minister Ryan will tell colleagues that the PSO changes will more than make up for the shortfall.

Minister Ryan will attend Cabinet virtually after testing positive for COVID-19 yesterday.

Meanwhile, counties Clare and Limerick are being added to the Mica Redress Scheme this morning.

Cabinet is due to sign off on the scheme after the two counties are included.

Adding them will likely add around €500 million euro to the overall cost, bringing it to an estimated €2.7bn.

It's understood the move could bring a further 2,000 homes under the defective blocks scheme.