Energia has become the latest energy company to sharply increase its prices ahead of the winter.
The supplier says electricity customers will see an increase of 29%, while gas bills will rise by 39%.
The change will be implemented on the 7th of October, and will increase the average gas and electricity bill by around €10 a week.
The move will impact around 160,000 electricity customers and 60,000 gas users.
"Regrettable"
Gary Ryan, Managing Director Customer Solutions, Energia Group says: “We are acutely aware of the very regrettable impact that successive price rises are having on households and we welcome the Government’s intention to intervene in the upcoming budget to support customers.
"We will continue to support our customers and utilise our integrated energy business to minimise the impact of increasing market costs but the scale of wholesale cost increases to date far exceed our ability to maintain current customer price structures.
"We recognise the difficulty these increases will present for many households. We urge any customers experiencing financial difficulties to contact us and we commit to working on an individual and flexible basis."
Expected
Daragh Cassidy, Head of Communications at bonkers.ie says: "Today’s news was expected given recent price hike announcements from Electric Ireland, SSE Airtricity, Bord Gais Energy and others.
"This brings to an end this cycle of rate hike announcements.
"The question is when the next one begins.
"Unfortunately it’s almost certain all suppliers will raise prices again in a few months unless there is some type of intervention in the energy markets. While it’s hard to believe, only a small part of the increase in the wholesale price of gas has been passed on to consumers so far.
"There is talk about a cap on prices in the UK. However that is going to be hugely expensive for British taxpayers and will cost around €120bn for just one year. If implemented here it would cost over €10bn and would leave the Government with no room for any other type of social welfare measures, public pay increases or tax cuts in the upcoming budget.
"There are no easy answers.
"The upcoming emergency EU energy summit where a reform of the electricity market is on the cards may hopefully yield some more affordable solutions."
