Energy provider, Pinergy, has become the latest in a long and growing line of suppliers to announce an increase in residential electricity prices.

The company blamed inflation on the wholesale energy markets and continued infrastructure issues that are impacting on security of supply for the decision.

The changes will result in a typical household bill rising by 7.8%, equivalent to €2.44 a week including VAT.

Householders will see the increase take effect from October 11.

It is the fourth time this year that Pinergy has increased its prices and cumulatively this has led to a 50% rise in what it charges for a standard unit.

The company said this contrasts to a wholesale increase in power of 247% over the past 12 months.

"Unfortunately it looks likely that this Winter we are going to see the impact of years of under-investment, inconsistent policy choices and lack of foresight across Ireland's electricity system," said Pinergy CEO, Enda Gunnell.

"Today, we are seeing elevated global energy wholesale costs that will be borne by households and small businesses together with the real risks to electricity supply."

"I think it is now fair to say that this is now an energy crisis, which we believe could have been better managed, but now requires urgent action at both government and industry levels to avoid the situation becoming worse."

Pinergy has not been alone in passing on the soaring costs of wholesale energy to its residential customers.

Last week Iberdrola put up its prices and Panda Power also recently announced its fourth increase this year.

Electric Ireland, Bord Gais Energy, SSE Airtricity and Flogas have all announced recent price rises.