The increases will take effect next month.
SSE Airtricity has said it will increase its standard household gas and electricity prices from 1 May.
The changes from SSE Airtricity will see a typical electricity customer’s bill increase by 24%, while a typical customer’s gas bill will rise by 32.3%.
The company also said dual fuel household bills will increase by 27.5% on average.
Price comparison website Bonkers.ie said the price hikes will add around €338 a year to the average customer’s electricity bill and €333 a year to their gas bill.
SSE Airtricity stated that the price change is driven by record highs in wholesale energy costs which have disrupted energy markets across Europe.
“We know this price change will be disappointing for our customers and today’s announcement will not be welcome news,” Managing Director of the company Klair Neenn said in a statement.
“Throughout winter, we have worked hard to limit the local impact of the global energy crisis by absorbing record-high wholesale energy costs, hoping to see pressure on prices ease.
“Sadly, this has not been the case and energy prices continue to demonstrate sharp volatility and upward pressure.
“Regrettably, this must now be reflected in our prices.”
SSE Airtricity also announced a range of customer supports in response to the cost of living crisis, aimed at helping those under increased financial pressure.
It’s expanding its existing customer support fund by an additional €1 million, to provide direct support to customers in difficulty.
On top of this, SSE Airtricity stated it will make a €1 million charitable donation to a trusted charity partner which will be used to support people who are struggling with the cost of living as the global market crisis continues.
The company also said it is “keen” to help tackle some of the root causes of fuel poverty and announced plans to help combat energy inefficiency by providing up to 600 vulnerable customers with home energy efficiency upgrades.
“Almost half the energy consumed in a typical home is through heating, and by tackling energy efficiency directly we will not only cut household energy bills, but also reduce harmful CO2 emissions and help these customers take a step closer to being net zero,” Neenn added.
“As always, I would encourage any customer who is concerned about their energy costs to please contact us, and we will work with you to find a solution together.”