Flogas Energy has announced a further increase in the prices it charges for electricity and gas from next month.

From 26 October, Flogas customers will see their electricity bills increase by 17%, while their gas bills will rise by 23%.

It is the company's third such hike this year, and will add around €340 a year to the average customer's electricity bill, and €395 a year to their gas bill.

The company has cited the "continuing and unprecedented increases in wholesale gas prices and the associated increases in wholesale electricity costs" as reason for the price hikes.

The company last increased prices in mid-August, when it hiked its prices for gas by 24.1%, and electricity by 9.8%.

The company, which has around 30,000 customers, has said that while there are unit rate increases, daily standing charges will not be affected.

General Manager Sean O'Loughlin said the company was "continually looking at ways to minimise costs for customers," but that it had "no option" but to increase its rates.

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"We will support affected customers through our Customer Service team as much as possible and have a range of options, including payment plans, Budget Pay and pre-payment meters. We would ask any Flogas customer who is facing financial pressure around their energy bills to contact us," Mr O’Loughlin added.

The company has also said that it is increasing the payment it makes to customers using solar panels under its microgeneration scheme to 24c per kWh.

The company is now the seventh supplier to have an incoming price increase from October.

It follows previously announced price hikes by SSE Airtricity, Electric Ireland, Bord Gáis, Energia, PrePayPower, and Community Power.

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With Budget 2023 to be outlined next week, Daragh Cassidy of comparison and switching service bonkers.ie said people are "deluding" themselves if they "think the Government can't shield us from the full forces of the energy crisis."

"These price increases are undoubtedly immense and will be difficult for customers to digest but Flogas is merely passing on the increased costs it’s facing itself," he said.

He added: "I’d encourage households which may be struggling financially to check out any Government supports which are available such as the winter fuel allowance, the free electricity allowance and the exceptional needs payment. Some suppliers have also set up hardship funds which will provide financial support to those most in need so I’d encourage people to chat to their suppliers too."