Bord Gáis Energy has today announced price increases for its residential gas and electricity customers from next month due to continued rising wholesale energy costs.

The company said the price change will increase a typical gas bill by €8.36 per month and electricity bill by €11.39 per month and will take effect from 8 August 2021.

In percentage terms, it said this represents an increase of 12.7% on an average gas bill and 11.6% on the average electricity bill.

Bord Gáis Energy said was the company's first gas price increase in over two years. It reduced gas prices in October 2019 and maintained at that level for two consecutive winters.

Dave Kirwan, Managing Director of Bord Gáis Energy, said there have been sustained wholesale market increases over the past six months and, unfortunately, the company now has to reflect these higher costs in its gas and electricity prices.

"We have sought to mitigate this impact and have not taken this decision lightly but the wholesale pressures are a market challenge outside of our control," Mr Kirwan said.

In April, almost all the country's energy suppliers increased their prices and in recent weeks Electric Ireland, Flogas, Pinergy, Panda Power and Iberdrola raised their prices for the second time this year.

Electricity prices in Ireland are already 23% above the EU average and the fourth most expensive in the 27-nation EU, recent figures from Eurostat show.

Gas prices here are the seventh most expensive in the EU.