Electric Ireland has announced plans to increase residential electricity bills by 29% in Northern Ireland and 26.7% in the Republic of Ireland from October 1.
In the Republic, gas bills will go up by 37.5%.
The increases equate to around £5.29 per week on the average residential electricity bill in Northern Ireland.
In the Republic it equates to 37.20 euro per month on the average residential electricity bill and 42.99 euro per month on gas, based on the estimated annual bill as defined by the Commission for Regulation of Utilities (CRU).
Electric Ireland said the increases were due to “ongoing uncertainty in the international energy markets and sustained and unprecedented increases in wholesale energy prices”.
Pat Fenlon, executive director of Electric Ireland, said: “This continues to be a very challenging time for customers and an unprecedented time in the energy industry, with increases to wholesale gas prices in excess of 700% over the last 12 months and 200% since June 2022 alone.
He said: ‘It is with considerable reluctance that we are increasing electricity and gas prices again for our customers, which is necessary given the continuing increases in wholesale energy prices, particularly gas.
“To put that into context, this time last year wholesale gas prices for winter were circa £1.15 per therm, and as of last week, this winter’s prices were circa £7.70 per therm.
“We realise these price increases will be difficult for many customers to absorb and we are committed to helping our customers during these difficult times.
“We encourage any customer having difficulty in paying bills to engage with us and we will work with them to agree a manageable payment plan.
“In addition, our 3 million euro Electric Ireland Hardship Fund is available and will be administered on our behalf by our partners SVP (Society of St Vincent de Paul) and MABS (Money Advice and Budgeting Service).”
This is the third increase in electricity prices this year, with previous announcements in May and June.
SSE Airtricity announced similar increases last week, with the average electricity bill rising by 35.4% and gas by 39%.
