Irish energy firm Electric Ireland is to increase its prices by four per cent.

The price rise will come into effect on 01 February 2018.

Jim Dollard, Executive Director Electric Ireland commented: "Electric Ireland is acutely conscious of the financial pressures facing our customers and we are committed to keeping prices as low as possible for as long as possible. Over the past four years we have passed on all savings as a result of wholesale energy cost reductions and became the first supplier in the Irish market to offer enduring long term savings of up to 8.5 per cent to our residential electricity and gas customers. Against the backdrop of increasing wholesale energy costs, an electricity price increase is unfortunately now unavoidable. However, we will absorb those increases over the winter months when electricity usage and bills are at their highest and then apply a 4 per cent price increase from 1 February 2018."

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(CD)