Energia has become the latest energy supplier to increase both its residential electricity and gas prices from Friday 7 October - its second hike this year.
Energia said its electricity customers will see an increase of 29% on their bills. For the average customer this will mean a rise of €9.82 a week.
Its gas customer bills will increase by 39%, or an average of €10.02 a week.
The company said its dual fuel customers will see an increase of 33%, on their bills or an average of €19.84 a week.
The move will impact around 160,000 electricity customers and 60,000 gas customers.
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The supplier is increasing the unit price of its electricity by 33.5% and the unit price of its gas by 47.11% from 7 October, but it is not increasing its standing charge which means that electricity and gas bills will go up by 29% and 39% respectively.
It also said there will be no increase to night rates for those customers on "Smart tariffs".
In a statement, Energia said European energy markets are in crisis.
"Wholesale prices for gas and electricity in Ireland are at unprecedented levels creating significant challenges for customers, as well as for the proper functioning of the energy industry and the wider economy," it said.
"Coordinated Government intervention is urgently required to support energy customers financially this winter and beyond," it added.
Energia said that compared to August 2021, when average monthly wholesale gas and electricity prices were already significantly above their historic averages, the wholesale market costs have increased over 650% and 195% respectively.
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"In recent weeks wholesale market conditions have deteriorated further, resulting in a markedly higher cost for the purchase of gas to supply customers in the year ahead and consequently higher electricity costs. Suppliers are unable to absorb increases of this scale and unfortunately it has an impact on customer tariffs," it added.
Energia last increased its prices in April, when it upped the price of its gas and electricity by just under 19%. It also increased its prices three times last year.
Today's increases follow a raft of price hikes recently by a range of energy suppliers, including Bord Gáis Energy, Electric Ireland, SSE Airtricity and Prepay Power.
Daragh Cassidy, Head of Communications at bonkers.ie, said that today's announcement from Energia brings to an end this cycle of rate hike announcements.
"The question is when the next one begins. Unfortunately it's almost certain all suppliers will raise prices again in a few months unless there is some type of intervention in the energy markets," Mr Cassidy said.
"While it's hard to believe, only a small part of the increase in the wholesale price of gas has been passed on to consumers so far," he added.
He said the upcoming emergency EU energy summit where a reform of the electricity market is on the cards may hopefully yield some more affordable solutions.
