SSE Airtricity has announced price hikes will be introduced from May 1st.
Its residential electricity prices will go up by 24 per cent, while the cost of gas will rise by 32.3 per cent.
This will result in an additional €6.50 per week on the average electricity bill and €6.40 per week on the average gas bill. Dual fuel household bills will increase by 27.5% on average, equivalent to around €12.89 per week.
The company is blaming sustained increases in wholesale energy costs for the rise in prices.
It says it will provide additional supports for those who are experiencing financial pressure.
Klair Neenan, Managing Director of SSE Airtricity says: "We know this price change will be disappointing for our customers and today’s announcement will not be welcome news. Throughout winter, we have worked hard to limit the local impact of the global energy crisis by absorbing record high wholesale energy costs, hoping to see pressure on prices ease. Sadly, this has not been the case and energy prices continue to demonstrate sharp volatility and upward pressure.
"Regrettably, this must now be reflected in our prices."
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