The Commission for Energy Regulation has sanctioned a 19.7% average increase in the price of electricity from 1 January.
The increase will vary from 19.4% for domestic users to 19.6% for small and medium enterprises and 21% for large industrial customers.
However, Regulator Tom Reeves has removed tariff regulation from the industrial supply market because of the competition which now exists at that end of the electricity market.
It will allow the top 800 industrial electricity users to shop around independent suppliers for the best price.
The commission blamed the increase on the rising cost of oil and gas.
This time a year ago, it was predicted that natural gas would cost 41c per therm but the actual price has risen by 40% to 58 per therm. Oil has also risen by 36%.
The commission has also formally sanctioned a 34% increase in the price of gas effective from 1 October next.
This afternoon's increase is yet another blow to consumers.
Consumer group calls for lower energy taxes
This time last year, the Energy Regulator announced average price hikes of 4% for electricity and 25% for gas.
The National Consumers Agency has called on the Government to reduce taxes on energy, at least as a temporary measure for domestic users, to relieve the burden of the proposed increase in charges.
