Energy Minister Eamon Ryan has said consumers can't afford to wait for full reform of the energy market.
He was speaking as energy ministers from across the European Union meet in Brussels to discuss the growing energy crisis.
The extraordinary summit was called to consider ways of reducing electricity use during peak hours, and compensating people struggling with their bills.
The European Commission is also asking them to discuss making energy providers share their excess profits with national governments.
Minister Ryan told Newstalk Breakfast calls for radical reforms of the electricity market are there - but not in the short-term.
"We are going to look at that reform, but the reality is that that would take a longer time; it would take up to a year.
"The electricity and energy markets are very complex - you've to be very careful in terms of how we do make sure we get the investment and we get the decarbonisation.
"So yes we're going to do that, but it wouldn't be implemented this autumn.
"And we cannot afford to - I suppose - wait for that period, and allow the existing dysfunctionality within the market to continue.
"We need other income streams to help support our people.
"So I think it's absolutely right to do this first phase approach, which is an interim approach, which we can introduce within a matter of weeks rather than months.
"And then do the wider, longer-term reform in proper order next year", he added.
EU ministers have expressed their preferences on different policy options, which could be implemented at EU-level in a short timeframe.
The discussion was on four main areas including capping revenues of electricity producers that face low production costs, a possible price cap on gas, and measures for a coordinated electricity demand reduction across the bloc.
Ministers then presented plans for each of their countries for the winter.
EU nations have previously adopted a regulation to fill gas storages and share them in a spirit of solidarity, and committed to reducing gas demand by 15% this winter.
EU underground gas reserves have been filled by 82.5% of their capacity ahead of a November 1st deadline.