Irish energy supplier Bord Gáis Energy has announced it will increase the price of its electricity and gas tariffs as wholesale prices continue to soar.

Starting from 15th April, the changes will see customers’ electricity bills increase by 27% and gas bills by 39%.

The company attributed the rising cost of wholesale energy to the rising demand for gas, reduced supplies, low storage volumes and other geopolitical issues. 

In 2014, Bord Gáis Energy became part of Centrica – it supplies energy and services to hundreds of thousands of homes and businesses in the Republic of Ireland.

Dave Kirwan, Managing Director of Bord Gáis Energy, said: “We know that today’s announcement is not welcome news. As part of Centrica and with decades of local experience, we will navigate through these unprecedented times with our customers.

“However, there have been continued increases in wholesale energy costs over the past two years, particularly in the past 12 months. This, together with the expectation that costs will remain both high and volatile for some time, means we are forced to increase our prices.”