Energy company Pinergy has confirmed it plans to increase standard residential electricity prices from next month.
It is thought the increase will impact approximately 27,000 households, according to figures from Bonkers.ie.
The company said the increase is the result of "unprecedented volatile and upward pricing trends in the wholesale energy markets both domestically and globally".
The changes, which will come into effect from September 5th, will see the typical household cost increase by 19.2 per cent, equivalent to a €7.21 per week (including VAT) increase in the Estimated Annual Bill (EAB), or €374.92 annually.
These estimates are based on a domestic customer using typical consumption on standard tariffs, Pinergy added.
Daily standing charges will also increase by 30 per cent, while the pre-pay service charge will jump by 24 per cent.
The company's chief executive End Gunnell they have "absorbed as much of the current wholesale pricing increases as we could over recent months" however, he added the outlook remains challenging over the coming months.
"Frustratingly, this winter, Irish households & SMEs will have to face higher energy prices in a market that we believe needs reform.
"The Irish energy supply market is changing, and we have seen several suppliers simply exit citing the structural challenges in Ireland. We need to create a more level playing field for all energy suppliers," Mr Gunnell said.