SSE Airtricity has become the latest energy provider to increase its prices for both electricity and gas.
The company said it will increase its residential electricity prices by 24% and gas prices by 32.3% from 1 May.
It said the increase will result in an additional €6.50 per week on the average electricity bill and €6.40 per week on the average gas bill.
Dual fuel household bills will increase by 27.5% on average, equivalent to around €12.89 per week.
The company said the price hike was driven by record highs in wholesale energy costs.
"We know this price change will be disappointing for our customers and today's announcement will not be welcome news," said Klair Neenn, Managing Director of SSE Airtricity.
"Throughout winter, we have worked hard to limit the local impact of the global energy crisis by absorbing record high wholesale energy costs, hoping to see pressure on prices ease.
"Sadly, this has not been the case and energy prices continue to demonstrate sharp volatility and upward pressure. Regrettably, this must now be reflected in our prices."
Daragh Cassidy from price comparison website Bonkers.ie said the move will affect around 250,000 electricity customers and 85,000 gas customers.
He said it will add around €338 a year to the average customer's electricity bill and €333 a year to their gas bill.
SSE last increased its prices in December. Before that it also increased prices in September and April of 2021.
Mr Cassidy said when all price increases over the past year are taken together, SSE customers will be paying over €1,100 more for their gas and electricity each year.
Today's news had been expected given the skyrocketing cost of gas on wholesale markets.
"The small comfort is that the increase doesn't come into effect until May when hopefully it'll be far warmer," said Mr Cassidy.
"But households will just be faced with astronomical bills next winter," he added.
Alongside the news of the price hike, SSE Airtricity today announced a number of supports aimed at helping those who are under financial pressure.
These include expanding its existing customer support fund by an additional €1m, to provide direct support to customers in difficulty.
The company also said it would make a €1m charitable donation to a charity partner, which will be used to support people who are struggling with the cost of living as the global markets crisis continues.
Bord Gáis Energy also said last month that its average electricity bill will go up by 27% and the average gas bill will go up by 39% from April 15.
Last year, there were over 35 price hike announcements from Irish energy suppliers.
