Bright Energy has announced its second price increase for residential customers this year, becoming the latest energy provider to raise prices.
The green energy company said prices will rise by 16% or €3.99 per week.
The price hike will take affect from 6 November for current customers, and will result in a new average annual bill of €1,473.
Bright said it has been forced to increase prices due to rising wholesale energy costs.
"It's not new news that the grid system is under pressure and demand, at a time when electricity is not being produced in the volumes needed, has led to huge increases in wholesale costs," said Ciaran Devine, CEO of Bright.
"Global market conditions are dictating energy costs and, in turn, driving up prices for customers and there is no sign of this trend abating any time soon," he added.
Mr Devine said it could be Spring 2022 before they see electricity volumes returning to a level needed to sustain and maintain market demand.
"But until that time, energy prices will remain in a state of flux," he said.
Back in September, Bright increased its standard residential energy prices by just short of 26%.
