One million customers will be hit with increased bills on October 1st.
The average electricity bills will go up by 26.7%, while the gas tariffs will increase by 37.5%
This is the fifth price rise by Electric Ireland since the start of 2021.
It had announced an 11% rise for electricity and 31% for gas in June of this year, while it also had an increase announced in May.
This latest rise will add around €450 to the average annual electric bill, and over €500 for the gas bills.
The Government says it is looking at a windfall tax on energy company's profits - however there's believed to be opposition from Fine Gael who believe it may deter investment.
While, the European Commission says it is looking at interventions as energy prices around Europe sky-rocket.
