Electric Ireland said today that it will forgo profit from its residential electricity business as consumers continue to face pressures from surging energy costs.

It said a €50 credit will be applied to each of its residential electricity customers in the New Year,

It also said the Electric Ireland Hardship Fund will be increased by €2m to €5m.

Pat Fenlon, Executive Director of Electric Ireland, said that 2022 has been a very challenging year for its energy customers, mainly as a result of increases in international gas prices.

"We are acutely aware of the pressures that customers face this Winter and, recognising these exceptional circumstances, Electric Ireland is forgoing profit from its residential electricity business. Electric Ireland's residential customers can each expect to receive €50 credit in the New Year," he said.

Mr Fenlon said the company was committed to helping any of its customers who experience financial difficulty.

"As always, we encourage any Electric Ireland customer who has difficulty in paying their energy bill to engage with us and we will work with them to put a manageable payment plan in place," he added.

Electric Ireland last increased its residential electricity and gas bills from 1 October after also increasing them in August.

October saw its electricity bills increase by 26.7% and residential gas bills by 37.5%.

It said the price hikes were due to the unprecedented increases in international energy market prices and their impact on wholesale gas prices.