Householders are facing a 13.25% rise in the price of electricity after the Energy Regulator announced new tariffs this evening.
Prices for business will also go up, by between 3.42% and 8.42%.
It is the second such announcement in a year. Prices went up last October by an average of 9%. At that time however, the bulk of the increases were borne by industrial users.
The Consumers' Association of Ireland criticised the raise as "a significant and overpowering blow to the household budget of every consumer in this country".
The price for small shops and offices has gone up 3.56%, small to medium business up 8.42%, and large businesses face increases in a range between 3.46% to 4.2%
Irish householders used to enjoy some of the cheapest electricity in Europe. This latest price hike, added to the 9% rise last October, will put an end to that.
The increase which comes into effect from next January works out at an extra €12 on the average domestic bill of €90.
The Energy Regulator says that household electricity prices have not reflected the true cost of supply for many years because those prices were subsidised by business.
It says that these new tariffs are more cost reflective, bringing electricity prices in Ireland into line with the European average.
Fine Gael, Labour, IBEC and ISME slam increaseFine Gael has said today's hike is further evidence that the Government was storing up bad news until the election was over.
The party's Enterprise, Trade and Employment spokesman, Phil Hogan, said the increase in electricity prices, coming on top of rises in VHI premiums, transport costs and college registration fees, would add significantly to the financial burden on consumers.
Eamon Gilmore of the Labour Party described it as a further blow to families who are already reeling from a spate of price increases.
The employers' body, IBEC, had protested at the price rise, saying it could place some companies under pressure. They said businesses had absorbed rises of up to 19% last year and some now faced a further rise of almost 9%.
The small and medium-sized business body, ISME, has appealed to the Minister for Communications and Natural Resources Dermot Ahern to review the price rise.
ISME Chief Executive, Mark Fielding, said the price rise was unwarranted and would undermine the competitiveness of many businesses at a time when costs were already running out of control
