However, the party's spokesperson on Social Protection Claire Kerrane TD said that it should have not taken this long for the government to act.
She said that urgent clarity is required on whether workers and families who use pre-pay meters will be included in this scheme.
Teachta Kerrane said: "It is welcome that action is now being very reluctantly taken by government to help alleviate the massive increase in the cost of electricity.
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"Sinn Féin have been raising this issue for months now, and we have pushed the government to act. But it should not have taken this long - people needed help this side of Christmas.
"The government needs to tell us how they will ensure this support is extended to households using pre-paid electricity meters. These households are amongst the most vulnerable to the skyrocketing cost of living.
"And action broader than electricity is needed. People are struggling with rising energy costs across electricity, heating and fuel costs.
"There remains more to do, including extending the criteria for Fuel Allowance and the establishment of a discretionary utility debt fund for those who find themselves struggling with debt this winter season."
