Over a million consumers will have gas and electricity prices hiked

More than one million gas and electricity consumers will have to pay more for their energy from Monday. Electric Ireland, the country's largest supplier of electricity, is to raise prices by 4% while its smaller competitor, PrePayPower, will be charging customers an extra 3.9%.

For Electric Ireland customers, the increase will add around €38 a year (including VAT) to the average electricity bill and €30 a year (including VAT) to the average gas bill. PrePayPower customers will see their annual electricity and gas bills increase by around €50 and €35 respectively.