Bord Gáis Energy has today announced a price freeze for the company's more than 625,000 residential customers. 

The company said it will freeze both its residential gas and electricity prices despite the increased network and system costs announced recently by the Commission for Regulation of Utilities. 

"We will absorb these additional costs, which are outside of our control, and are guaranteeing no price increases for residential customers until at least March 2021," Bord Gáis Energy's managing director Dave Kirwan said.

Mr Kirwan said that network and system costs now account for approximately 40% of a customer's energy bill.

"We know this is a tough time for customers and that's why we have committed to absorb these additional costs ahead of the winter period," he stated.

Last week Electric Ireland said that due to recent costs hitting the broader electricity system and market it will increase its average residential electricity bill by 3.4% from October 1. 

But it said it is freezing gas prices this winter to help residential gas customers during the higher usage months.