Energia has joined the ranks of energy companies putting up prices for gas and electricity yet again, as the war in Ukraine drags on and Russian gas supplies are choked off.

The increases will kick in from October 7 next, with the unit price for electricity going up 33.5% and the unit price of gas by a whopping 47.1%.

Night rate will not rise for customers on smart tariffs. Energia supplies around 160,000 customers with electricity and 60,000 with gas, and those with dual fuel deals will see their bills rise by 33% or almost €20 a week for the average consumer.

The gas price increase will add around €520 to the average annual bill, with the average cost of electricity in a year jumping by €511.

This is Energia’s second price increase this year. In March, the company increased the gas price by almost 19% and its electricity price by 18%, adding €180 to the average annual gas bill and €247 to the average annual electricity bill.

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The gas and electricity group had also increased prices in April 2021, with two more increases in July and October.

The net result of all five increases is that households face paying more than €1,200 extra for their electricity, and more than €1,000 extra for their gas over a year — €2,200 in total, or almost €40 a week more.

Managing director Garry Ryan said: “We are acutely aware of the very regrettable impact that successive price rises are having on households, and we welcome the government’s intention to intervene in the upcoming budget to support customers.

“"Wholesale prices for gas and electricity in Ireland are at unprecedented levels creating significant challenges for customers, as well as for the proper functioning of the energy industry and the wider economy. Coordinated government intervention is urgently required to support energy customers financially, this winter and beyond.

“The outlook for the winter ahead is extremely concerning and the cost of measures to protect customers from the worst of these effects has to be measured in billions — not millions.”

Energia said that compared to August 2021, wholesale market costs have increased over 650% and 195% respectively. And this time last year, average monthly wholesale gas and electricity prices were already significantly above their historic averages.

"In recent weeks wholesale market conditions have deteriorated further, resulting in a markedly higher cost for the purchase of gas to supply customers in the year ahead and consequently higher electricity costs. Suppliers are unable to absorb increases of this scale and unfortunately it has an impact on customer tariffs.”

Bonkers.ie head of communications Daragh Cassidy said that the announcement from Energia brings to an end this cycle of rate hikes announcements in which all the major energy customers have increased prices substantially.

Said Cassidy: ”The question is when the next one begins. Unfortunately, it's almost certain all suppliers will raise prices again in a few months unless there is some type of intervention in the energy markets.

"While it's hard to believe, only a small part of the increase in the wholesale price of gas has been passed on to consumers so far.”