The government is likely to provide homeowners with a one off €100 credit for their electricity today.
It is estimated that the action will cost the taxpayer €210 million.
The scheme will be operated by ESB Networks, will apply to prepay customers and will not be means tested.
The credit will be extended to automatically people will not need to apply for it.
If agreed at Cabinet today, the legislation could be considered by the Oireachtas as early as next week, and the energy credit introduced before the end of March.
It is understood that the government will seek support from Opposition parties to waive pre-legislative scrutiny in order to speed-up the process.
The government action was decided upon before Christmas as energy costs have risen sharply in the last 12 months.
