Bord Gáis Energy has revealed plans to increase residential gas and electricity prices.

The changes, which will take effect from 06 August, will increase typical gas bills by 4.7% and of 5.8% on an average electricity bill.

Overall, gas bills will rise by €3.06 per month and electricity bills by €5 per month.

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Mark Prentice, Managing Director of Bord Gáis Energy, said increases in wholesale energy costs have forced the company to raise its prices.

"Bord Gáis Energy is committed to offering customers the best possible value for money and we have worked hard to minimise the increase as much as possible," he said.

"This is only the second price increase since 2014 and follows three consecutive price decreases for both gas and electricity customers. We will continue to monitor costs and, as always, ensure that we offer our customers the best possible prices for their energy."

(LM)