Energy supplier Airtricity is increasing its household electricity prices by 3.5% from the November 1st.
It says this will see an average monthly increase of €3.25 for customers on direct debit and eBilling standard tariffs.
The firm says this is necessary due to the fact the company can no longer absorb rising costs and that it "must now reflect these costs in its household electricity prices".
These include increases in the cost of using the energy networks and the rise in cost of buying energy in global markets. It adds that these factors are "around 85%" outside of their control.
Stephen Wheeler is Managing Director with Airtricity.
"Unfortunately the factors that contribute to the cost of energy all cost more than they did last year. As a result we cannot continue to absorb the sustained increases in energy costs that we are facing. That's why the price increase that we are announcing today, although completely regrettable, cannot be avoided" he said.
"We will continue to do all we can to work with policy makers and the Commission for Energy Regulation to promote an increased uptake of Pay-As-You-Go meters, which have already proven highly-effective in assisting customers in need in better managing their energy costs, and to seek further sustainable improvements to current debt arrangements in the market" he added.
