Electricity prices could soar up to 50% more because of the war, while petrol and diesel could also hit €2.50 a litre in the coming weeks.
Experts say Ireland depends heavily on gas for many of its power stations, meaning lighting bills are tied to wholesale gas market.
On Monday, gas hit £8 per therm - the unit in which it was sold - on London markets. This is almost twice the rate usually paid by electricity firms here.
