SSE Airtricity has announced that it is to increase prices for its customers from 1 October, with electricity bills to rise by over 35%, and gas bills to increase by 39%.
It is among the largest price hikes seen in the energy sector in the country.
In a statement this lunchtime, the company said the war in Ukraine and "heightened geopolitical tensions" have resulted in what it described as "sustained and unprecedented increases in wholesale energy costs".
The energy supplier is increasing the unit price of its electricity by 45.2% and the unit price of its gas by 46.3% from 1 October.
Under the changes, a typical customer's gas bill will rise by as much as €1.40 per day, with electricity up around €1.62 per day.
Dual fuel household bills will increase by 37% on average, which is equivalent to around €3.02 per day.
The move will impact around 250,000 electricity customers and 85,000 gas customers.
Over the course of a year, the increase will add almost €600 to the average customer's electricity bill and over €500 a year to their gas bill.
The company has pledged a customer support fund of up to €25m to assist around 60,000 eligible customers.
It says it will contact eligible customers directly through September with the details of the support.
Managing Director Klair Neenan said they are "acutely aware" of the impact the move will have on households.
"We know this news will be disappointing for our customers. It was hoped market volatility would ease, but the global energy crisis continues to impact gas and electricity costs for all energy suppliers.
"However, we are acutely aware of the impact this has for households and are working hard to help where we can," she added.
The company has said that any customers who having difficulty in paying their energy bills to contact them in order to find a solution, such as flexible payment plans.
We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences
"While it is difficult to know when wholesale prices will begin to improve, we are committed to reducing our prices as soon as we can," Ms Neenan said.
SSE last increased its prices in May when it hiked the unit price of its gas by 39% and its electricity by over 30%.
It also increased its prices three times in 2021.
When all these price increases are taken together, Daragh Cassidy from price comparison website Bonkers.ie, said SSE customers will be paying over €1,000 more for their gas and €1,100 more for their electricity each year.
"Price increases of this frequency and this magnitude are clearly unsustainable," Mr Cassidy said.
"And more price hikes from other suppliers later in the year, including SSE, are almost a certainty," he added.
