Energy supplier Pinergy is to increase its residential electricity charges.

The move will see bills increase by 14% for the typical household, resulting in a €6.16 per week rise in the estimated annual bill.

The changes will take effect from January 9, 2023.

Standing charges will remain unchanged.

Pinergy has around 30,000 residential customers here.

The company blamed wholesale market increases as well as a local rises in regulated market charges that came into effect in recent months.

"Unfortunately, the momentum towards much required market structural reforms across the European energy sector have stalled in recent weeks including the possibility of a price cap on gas used for electricity generation," said Pinergy CEO, Enda Gunnell.

"We had hoped these changes would be in place quickly and had delayed this increase for as long as possible."

"However, the outlook on the global wholesale markets continues to be very volatile and challenging going into 2023."

It is the second time this year that the company has announced a price increase, though this one will not come into force until next year.

In September the company increased its standard residential electricity prices by 19.2%.

Last year the supplier raised prices five times.

"Any customers that need additional assistance should as a first step contact us, and we will also do our best to support them with a range of Winter Energy Supports," said Mr Gunnell.

"Pinergy customers are uniquely empowered with the latest in smart technologies that allows them to see their energy consumption every day and identify potential areas of energy waste to be addressed."

"Already, we have seen a 7% decrease in energy consumption by Pinergy residential customers over the last year."

The company also announced that it is increasing the payment it makes to those using solar panels and other microgeneration technologies under its microgeneration plan to 25c per kWh for any excess electricity sold back to the grid.

Daragh Cassidy from comparison website said today's news was not wholly unexpected.

"As just a supplier of electricity, Pinergy is making no money from generating electricity, so is highly exposed to rising energy prices on wholesale markets," he said.

He said people might be confused at today's announcement, given the fact that falling wholesale electricity prices have been in the news recently.

But he added that wholesale energy prices are still at an extremely high level.

"At one stage during the summer, the price of gas was up by well over 1,000% on wholesale markets for example.

"So when we hear of falling energy prices we need to remember that it's on the back of prices which were at record highs to begin with," he explained.