Electric Ireland has hiked its gas and electricity prices by 4% in the latest hit for domestic consumers.

The increase will come into force from April 1st.

It is the second time the company has increased its prices in just over six months - after it hiked its rates by 6.2% for electricity and 8% for gas last August.

In November, it announced that it would freeze its prices for the winter period.

Energy costs

In a statement this morning, the company said it had been forced to implement this latest increase as a direct response to "sustained increases in wholesale energy prices."

Electric Ireland Executive Director Marguerite Sayers said the price freeze "resulted in a total saving of €21 million for Electric Ireland  customers" during the winter months.

"However, against the backdrop of much higher wholesale energy costs, we now reluctantly have to pass on some of these higher costs to our customers," she said.

Electric Ireland

Following the announcement, price comparison website Bonkers.ie said over 1.1 million customers will be affected.

It said the increases will add €38.40 to the average annual electricity bill and €29.88 to the average annual gas bill.

The company's head of recruitment Daragh Cassidy said there was an "inevitability about today’s announcement" after the company announced its price freeze last November.

"As Ireland's largest electricity supplier in terms of customer numbers, this increase will be felt far and wide by consumers,” he said.

Six other energy companies - including Pinergy, SSE Airtricity, Bord Gáis Energy and Energia - have announced price hikes in recent months.