BORD GÁIS ENERGY is set to increase its electricity prices by more than ten per cent and gas prices by 20 to 30 per cent in the coming weeks.

The moves will mean average customers’ bills increase by more than €300 a year, according to the Irish Times. The announcement on electricity is expected this week, while the company will soon also ask the energy regulator for clearance to hike gas prices by around a quarter.

Bord Gáis is understood blamed the price increases on rising oil and gas costs internationally, insisting it has been forced to pass the changes on to customers. In a May annual report – when it also announced a profit of €120million – the company warned that it would seek to increase both electricity and gas price levels. However, this morning a spokesperson told RTE radio that reports about pricing were “speculative”.

The Consumers’ Association of Ireland told the Irish Independent that Bord Gáis had “hoodwinked” customers into changing supplier after promising lower bills in a high-profile advertising campaign. Chairman Michael Kilcoyne said: “People were promised a huge reduction in prices after being subjected to a hard sell. Now that is being taken away from them.”

Rival energy suppliers Airtricity and ESB are likely to follow suit with their own price hikes, according to the Irish Times.