Bord Gais is increasing the average gas bill by 39% and the electricity bill by 27%.
The changes come into effect on April 15th.
In a statement the company says the move is in response to high global wholesale costs and market volatility, which is expected to continue.
It's also put in place additional supports for customers who will have difficulties managing their bills.
An energy support fund will be established and there will be tailored advice to help customers.
Dave Kirwan, Managing Director with Bord Gáis Energy, says: "We know that today’s announcement is not welcome news.
"We will navigate through these unprecedented times with our customers. However, there have been continued increases in wholesale energy costs over the past two years, particularly in the past 12 months. This, together with the expectation that costs will remain both high and volatile for some time, means we are forced to increase our prices."
Unprecedented
Bonkers.ie says: "Today’s news from Bord Gáis is sadly unsurprising given the huge increase in the price of gas that we’ve seen on wholesale markets in recent months.
"However the size and scale of the increase is unprecedented.
"It’s the first price hike announcement from any energy supplier this year. Last year there were over 35. And more suppliers are certain to follow. The outlook is bleak for energy customers.
"The increase will add around €350 a year to the average household’s annual gas bill and €340 to the average annual electricity bill. But this comes on the back of price hikes that have added around €540 to customers’ gas and electricity bills since the autumn of 2020.
"Bord Gáis raised electricity prices three times last year and gas prices twice.
"In terms of supports for those worried about rising prices, people should check if they qualify for any social welfare payments such as the (winter) fuel allowance or the free electricity allowance, which is paid as part of the Household Benefits Package to all over 70s and some people younger than this. Most suppliers also have support schemes and flexible repayment plan options to help customers who are struggling.
"The Society of St. Vincent de Paul and MABS can also provide help and advice and in some cases financial support. And of course I’d encourage everyone to switch supplier to ensure they’re on the best deal."
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