Pinergy is set to increase its standard residential energy prices by 11.4% from 23 August.

For a typical household, the company said this will be the equivalent to a €3.61 per week increase.

The announcement comes following increases in the price of electricity in the global wholesale markets.

"Regrettably, due to the continued and significant infrastructural supply issues and wholesale pricing outside our control, we will have to increase prices again to our customers," said Enda Gunnell, CEO of Pinergy.

Mr Gunnell said they have raised these issues on behalf of customers with both policy makers and regulators in recent weeks.

He said this cycle of price hikes is likely to continue until action is taken.

Mr Gunnell said while they welcome the reduction in the PSO levy, it will not offset the increases being faced by electricity users across Ireland.