Electric Ireland customers will see their bills increase as the company announced that its electricity prices will increase by 5.9% and gas prices by 8.5% from 1 October of this year.

Electricity Ireland bills are set to rise from October 1, adding the financial pain to customers already facing gas price increases.

The company, formerly known as ESB said prices will increase by 5.9% and gas prices by 8.5% from next month.

It said households will see an average increase of €1.22 per week for their electricity.

It blames the increase on the rise in transmission and distribution network costs and the Public Service Obligation levy which it says accounts for two thirds of the overall increase.

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

This follows this week's announcement from Bord Gáis that its gas prices are going up for its 400,000 customers.

Airtricity has said its gas prices will increase in the near future.

Flogas has said it is reviewing its prices.

Customers who want to compare prices of electricity and gas should shop around. The best website for comparisons is www.bonkers.ie

Consumer expert Tina Leonard has this comprehensive guide to shopping around and says, customers should do it sooner than October if they are to see any savings.