Electric Ireland has confirmed that its electricity prices will increase by 5.9% and gas prices rise by 8.5% from the beginning of next month.

In a statement, the company said this will result in an increase of €1.22 per week on the average residential electricity bill.

Electric Ireland blamed the majority of the increase on the rise in transmission and distribution network costs and the Public Service Obligation levy.

The remainder, it said, is due to the impact of the weak euro on its wholesale energy costs.

Approximately 1.3m residential customers will be affected by the electricity price increase, with some 60,000 of those also getting their gas from the company.

Earlier this week, Bord Gáis announced a rise in its gas prices, while Airtricity has said its prices will also increase in the near future.

Flogas has said it is currently reviewing its prices.