Energy ministers north and south of the Border have pledged to put in place legislation to allow for a single electricity market on the island prior by July 2007.
Minister for Communications, Marine and Natural Resources Noel Dempsey and his Northern Ireland counterpart, Minister for Enterprise, Trade and Investment Maria Eagle, met today to review progress on the All-Island Energy Market project.
The Ministers said a harmonised market would deliver greater security and diversity of supply to consumers on both sides of the Border.
Mr Dempsey said: "The single electricity market will, over time, remove market distortions and thereby minimise the wholesale cost of electricity.
"It will also create a more attractive location for new electricity generation and investment and thereby improve the security and reliability of electricity supplies throughout the island."
Ms Eagle said the European Union had played a significant role in driving change in energy markets by pushing for increased competition over the past decade.
Both ministers said the legislation needed to underpin the new market in both jurisdictions would be in place by the deadline.
