Electric Ireland has announced a freeze on its residential electricity prices until January next year, when they will rise by about 1.7%.

The company said it would absorb the additional costs from higher fuel and network charges until then.

It also said in a statement that it will absorb the cost of the increase in the Public Service Obligation (PSO) levy which was approved by CER to take effect from the start of October this year.

Electric Ireland said it was conscious of the cost pressures being faced by its customers and its aim is to keep increases to customers as low as possible for as long as possible.

From January 1, the company's prices will rise by about by 1.7% on average. This will result in a monthly increase of about €1.50 (including VAT) for Electric Ireland's typical customer.

The total PSO levy will also rise to €4.05 a month (including VAT) from January 1.