Both Bord Gáis Energy and Pinergy have confirmed price increases for their residential electricity customers.

It is estimated the price rise for Bord Gáis customers could see their bills increase by more than €200 per year.

From 12 October, Bord Gáis customers will see a 13.5% hike on standard unit rates while their standing charges will increase by 12%.

The price hike will see a typical bill for Bord Gáis Energy electricity customers by an average of €18.16 per month, or €218 per year.

Pinergy, meanwhile, confirmed that a 9.83% increase to typical household costs from 13 October, is equivalent to €199 annually based on a domestic customer using typical consumption.

The smart energy provider said the increase was in 'response to a rise in external costs including electricity system operator & network charges as well as continuing volatility in wholesale energy costs.'

There is no change to Pinergy's standing charge.

Bord Gáis Energy has 369,000 domestic electricity customers. Prices for its 270,000 gas customers remain unchanged, the company added.

Catherine Lonergan, director of customer and commercial at Bord Gáis Energy, said this was the company's first price increase in three years, adding that in that time it had two price reductions across gas and electricity.

"We also absorbed network charges in 2024 saving households an average of €100 in electricity and €75 in gas," she said.

"Due to continued increases in network charges, the higher cost of doing business and the impact of wholesale energy market pricing, we're regrettably announcing a price increase for electricity customers," she said.

"However, I can confirm that there is no change to gas prices for our 270,000 gas customers and that our gas standing charge remains the lowest in the market."

She said that Bord Gáis Energy will continue to compete strongly in the Irish energy market and pass on savings whenever possible.

Enda Gunnell, chief executive of Pinergy, said it is the "first increase after three price decreases that we made over 2023 and into 2024".

Gunnell said Pinergy absorbed increased network charges approved by the Commission for Regulation of Utilities (CRU) last year.

"The planned investment in the electricity grid and infrastructure is urgently required but we would call on the exchequer to also play its role in ensuring much-needed price stability and minimising the financial burden on consumers," he said.

Earlier this week, Electric Ireland announced it is cutting its average gas bills by around €58 a year.

Gas prices will drop from 1 November for its 150,000 residential customers, while electricity prices will remain fixed.

(Pic: Getty Images)