The energy provider Pinergy has announced its fifth price hike this year.
The company said the latest hike will see the average electricity bill increasing by 19%.
The increase, which comes into force from December 1st, will add €5.63 per week to the average a bill – amounting to €293 over a year.
Pinergy CEO Enda Gunnell said the increases are down to the ongoing increases in wholesale energy costs around the world.
“This Irish and international energy crisis is still unresolved despite the attention it is now receiving at an international geo-political level and is forcing suppliers, like Pinergy to pass on increases,” he said.
“As winter approaches, the energy crunch will demand further urgent talks, negotiations and market reforms at national, EU and international levels to resolve what is fast becoming an unsustainable and dysfunctional market.”
He insisted the company would “look to reverse this upward pricing trend as soon as is practical.”
Irish energy suppliers have announced more than 30 price hikes so far this year.
Switcher.ie Managing Director Eoin Clarke said further increase are likely before the year is out.
“It’s a tough time for a lot of people still reeling from hardships due to the pandemic,” he said.
“We now have rising household bills plus price hikes in shops and at the pumps to juggle.
“Sadly, this is unlikely to be the last price jump we’ll see before Christmas due to global demands on energy and supply.
“This uncertainty makes it even more necessary to shop around and be ready to switch when the time is right. Despite price hikes across the energy market, it’s still worth checking out other suppliers and consumers could still save up to €527 a year if they switch to a different energy deal.”