Wholesale electricity prices have risen by 77% in the 12 months to August.

New figures from the Central Statistics Office show all energy fuels were also up by 11% in August compared to a month prior.

It comes amid heaping pressure on energy markets triggered by the US-Israeli war in Iran.

Labour TD Ged Nash, says the increase demonstrates a need for targeted energy credits:

"We have said a €400 credit for households with less than €80,000 of income a year, an energy credit should be received by them."

Deputy Nash says this should be funded with a "close to €500m" windfall tax on energy company profits.

"The energy companies aren't making these super-normal profits because of the genius of their engineers and business managers, they're making these profits because of a very volatile international situation."

Photo: Alamy Stock Photo.