ESB Electric Ireland confirmed today that its residential electricity prices will increase from October 1.

Unit rates and standing charges will increase by 14.8%.

'We regret that we have had to increase our electricity prices at this time. We will continue to work with our customers who are facing difficulties in dealing with their electricity accounts', ESB Electric Ireland's General Manager Liam Molloy said.

He said that international energy prices have risen steeply over the past year and the company can no longer continue to absorb these increased costs without reflecting them in the prices its charges customers.

'We have held off increasing electricity prices for as long as possible', Mr Molloy said.