Power NI has announced a major increase in prices to take effect from July 1.
The price hike of 27.5% from this date is the equivalent to £3.92 a week to a typical household electricity bill in Northern Ireland.
The energy provider has said the change is "entirely due to the sustained unparalleled price increases in the wholesale energy markets, which have been impacted by ongoing global issues."
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The tariff change has been approved by the Utility Regulator and applies to domestic customers only.
As a regulated supplier for domestic customers, Power NI, which is the region’s largest supplier, has to engage with the regulator to secure approval for price rises.
The provider has said they have held off making this tariff change for "as long as possible."
William Steele, Director of Consumer Solutions at Power NI said they have had no choice but to increase their costs in response to global events.
“We work hard to keep our prices as low as possible and have absorbed costs for as long as we can. Regrettably, geopolitical factors outside our control, have resulted in prolonged high costs in the international wholesale energy markets," he said.
"Like other suppliers we have no choice but to pay these increased costs, which feed into the price of wholesale electricity and have a knock-on effect on tariffs.
“In these challenging times and with such a volatile market, we held off making this change for as long as possible, with this price change not coming into effect until July 2022.
"As soon as we see an opportunity to reduce prices, we will do so without delay. For any customers who are worried about paying a bill, please get in contact and we can help you.”
“We value all our customers, and we remain committed to helping those who are being impacted by the cumulative rise in the cost of living. As well as working directly with customers, we will continue to work closely with our charity partners and government, assisting in helping those who are struggling.
"We have worked with government departments providing financial and operational support to help deliver the emergency response fund to the most vulnerable in our society and we are ready to continue to support any future schemes.”
Raymond Gormley, Head of Energy Policy at the Consumer Council said: “This is Power NI’s second tariff increase this year and its biggest since October 2008. It will impact more than half Northern Ireland’s households, many of whom are already upset, worried, and angry about energy price increases.
"While consumers get that price increases are happening due to global reasons, that knowledge does not help when it comes to paying their bills.
“With 53% of prepayment electricity consumers telling us they have had to cut back on food purchases to be able to afford a top up, many households are going to need significant financial support in the coming winter.
“At a minimum, this support should include re-running the Department for Communities Energy Payment Support Scheme for a wider group of people and re-establishing the Emergency Fuel Payment Scheme that the Consumer Council worked hard to get off the ground in partnership with the Department, energy companies and Bryson Charitable Group.
“We urge anyone who is struggling to pay their energy bills or to top-up their meter, to contact their supplier directly for help and support. We also encourage consumers to think about ways they can reduce their energy costs through energy efficiency and, importantly, if possible, trying to save over the summer months to cover energy costs during winter 2022-23.
“In the longer term, this situation shows the importance of the Department for the Economy’s Energy Strategy Action Plan, that aims to tackle affordability and move Northern Ireland away from its dependence on fossil fuels.”
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