Panda Power managing director Brendan Traynor said the increase was “unavoidable due to increasing external wholesale market and network costs”.
One of the largest providers in the State, Energia, will raise its prices next month in a move which will see the annual bills of many customers climb by more than €100.
The supplier has announced that its residential electricity prices will go up by 8.6pc, with gas prices rising by 5.7pc from April 5.
The increase will add just over €100 a year to the average household’s annual electricity bill and around €48 to the average annual gas bill.
Earlier this month, SSE Airtricity said it was increasing electricity prices by 6.2pc from April 1.