Bord Gáis Energy is increasing its prices for both gas and electricity customers from 9 October.
The price hikes for gas and electricity unit rates and standing charges will see a typical electricity customer’s bill rise by 8.8% or €177 a year, with a typical gas customer’s bill increasing by 9.3% or €140 a year.
Meanwhile, a typical dual-fuel household’s bill will increase by 9.1% or €317 annually.
Bord Gáis is the country’s largest gas supplier, with around 300,000 gas customers. The provider also has over 400,000 electricity customers.
Director of Customer and Commercial at Bord Gáis Energy Catherine Lonergan said: “We recognise that this announcement will be unwelcome for customers and increasing prices is never a decision taken lightly.
“Global conflicts resulting in higher wholesale gas costs, together with rising network charges, mean a price increase is now necessary.
“This is our first gas price increase in four years, and we continue to offer the lowest gas standing charge in the market.”
The provider also said it encourages customers “experiencing financial difficulty to contact us so we can work with them to find the most appropriate support, such as flexible payment arrangements or access to our Energy Support Fund”.
The latest Bord Gáis increases reflect a reduction in the PSO levy on electricity bills from 1 October (from €1.59 to €0.56 a month including VAT).
Commenting on the price increase, Daragh Cassidy from price comparison website bonkers.ie said: “In recent months, wholesale energy prices have shot up as a result of continued conflict in the Middle East.
“Wholesale gas prices have doubled compared to this time last year. And wholesale electricity costs for the past six months are up by around 30% compared to the preceding six-month period.
“And while the hikes that have been announced may not seem exceptionally high, they’re coming on top of energy costs which are already at very high levels.
“Gas prices are already around 90% higher than they were four or five years ago while electricity prices are around 70% higher.
“So any further hikes to energy costs, however moderate, will hit many households hard.
“Households looking to offset the price increases are being advised that the quickest and easiest way to save money on their energy bills is to compare prices and switch to a cheaper supplier.”