Panda Power has become the latest provider to increase electricity prices.

The company said a price hike of 7.5% will be introduced from 8 April, due to rises in external costs, including network and market charges.

According to Panda Power, the change will result in an increase of just over €84 per year for typical household electricity bill customers not on a discounted rate.

Gas prices will remain unchanged, the company said.

Brendan Traynor, Managing Director of Panda Power, said the increase was "unavoidable" due to increasing external wholesale market and network costs.

"We have kept this increase as low as possible and we remain committed to offering our customers long-term value and discounted rates every year that they are with us," he added.

The move by Panda Power follows price hikes by SSE, Pinergy and Energia in recent days.