Taoiseach Micheál Martin has said that soaring gas prices are out of the Government’s control.
The Taoiseach was speaking after another energy company, Flogas, announced more crippling price hikes on gas and electricity.
Households are going to be hit with increases of 17% for electric bills and 23% for gas bills.
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It is the company’s third increase this year and will mean some of its 25,000 customers will see their bills double in the last two years.
The average customer’s electric bill will increase by €350 and gas bills will rise by almost €400 a year.
Mr Martin was speaking from New York city where he was attending the United Nations General Assembly this week.
He said: “In terms of Flogas, again, the future pricing is out of our control in terms of what is happening in terms of the wholesale markets.
“And as I’ve said in the Dáil repeatedly, the cost now per therm compared to what the cost of what it would have been two or three years ago is dramatic, up to nine or ten times more expensive now.
“What we have to do, what the European Union is doing, is working on the market, to see if we can decouple gas from renewables - it’s complex.
“And also looking at the windfall gains that energy companies have made so that that can come back to the Exchequer in terms of using it to alleviate pressures.
“But the fundamental approach we’re taking now is to alleviate the pressures on households, on families and on businesses as well and to try and protect jobs.
“That’s the key agenda.”
Flogas said the decision is due to the “continuing and unprecedented increases” in wholesale gas prices and the associated increases in wholesale electricity costs.
While there will be unit rate increases, daily standing charges for electricity and gas supply will not be affected.
Sean O’Loughlin, general manager at Flogas Energy, said “Energy cost increases are affecting all suppliers and while we are continually looking at ways to minimise costs for our customers, we have no option but to increase our rates in the current environment.
“We will support affected customers through our customer service team as much as possible and have a range of options, including payment plans, budget pay and pre-payment meters.
“We would ask any Flogas customer who is facing financial pressure around their energy bills to contact us.”
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