Electric Ireland has announced it will increase residential gas bills by 29.2% and residential electricity bills by 10.9% from next month.
The increase equates to an an average of €13.71 per month on the average electricity bill and €25.96 on the average gas bill.
Electric Ireland, which is the supply division of ESB, said the change will come into effect on 1 August.
It had previously increased electricity bills by 23.4% in March and gas bills by 24.8%.
Interim Executive Director of Electric Ireland Suzanne Ward said she understood the news would be "unwelcome" to customers and that it had delayed the decision "as long as we could".
"Unfortunately, the situation in Eastern Europe and a reduction in the reliability of gas flows has resulted in sustained higher energy costs throughout Europe," Ms Ward said.
"We have seen a very substantial increase in the cost of wholesale gas, which in turn, impacts both our gas and electricity prices," she added.
Ms Ward said Electric Ireland offers flexible payment plans for those who are struggling to pay their energy bills.
The company has pledged a further €3m to its "hardship fund" which operates in autumn for customers experiencing difficulties paying bills.
There were over 35 price hike announcements last year from Irish energy suppliers and the trend has continued into this year with all the major suppliers including Bord Gáis Energy, Energia and PrePayPower announcing price hikes.
Government measures to give electricity users a €200 credit on their bills was signed into law in March.
The €200 credit, designed to soften the blow of rising energy costs, will be listed on people's bills as a €176.22 credit line - but the full discount will be €200 when VAT is factored in.
Sean Fleming, Minister of State in the Department of Finance, told RTÉ's Drivetime: "The Economic and Social Research Institute said that €200 scheme was the most effective for low income houses and it's those types of measures that can be repeated again this year.
"Most of these electricity and gas suppliers have a hardship fund in place for customers."
The Fianna Fáil TD for Laois Offaly added that this year's budget will look at a taxation package for the hard-pressed middle and those on low incomes.
The Government's summer economic statement is due on Monday.