Northern Ireland electricity supplier, Share Energy, is to increase its tariff prices by 12.6% from 1 October.

The supplier said the industry has faced "exceptional volatility" following Russia's invasion of Ukraine and instability in the Middle East.

The company entered Northern Ireland's electricity market in 2004.

Its CEO Damian Wilson said it "isn't a decision we've taken lightly" and has called on the government to address the Northern Ireland electricity sector's over-reliance on gas.

The Consumer Council for Northern Ireland has said the supplier's credit customers and prepayment customers will see their annual electricity costs rise by about £129 a year.

Other energy suppliers such as SSE Airtricity, Firmus Energy and Budget Energy have also recently announced price increases.

"Over the last two years, the energy market has faced one external shock after another," Wilson said.

"Throughout that period, we've worked hard to shield our customers from the full impact, absorbing costs where we could and delaying increases for as long as it was responsible to do so.

"Unfortunately, we have now reached the point where the combined impact of wholesale energy costs and regulated network and system costs is simply too significant for us to continue absorbing."

Wilson added that when the costs of electricity fall the company will "look to reflect that in the prices our customers pay".

Share Energy has 41,092 customers, 417 of those are commercial customers and 40,675 are domestic.

The company is owned by local business people with long experience in the renewable electricity industry.

"Despite the price increase, our commitment remains unchanged: 50% of our profit will be shared with qualifying customers," Share Energy said in a statement.

"The amount each customer receives will depend on the profit generated and how long they have been a Share Energy customer."

The supplier added that it will contact customers directly with the new prices, and will offer support to those who may have difficulty paying their bills.

Raymond Gormley, head of energy policy at the Consumer Council, said it was "very unwelcome news".

"We would encourage consumers to think about the way they pay for their energy and see if they can reduce their energy costs."

Gormley said anyone who is struggling to pay their electricity bills or top-up their prepayment meter can get in touch with their supplier for help and advice.

In the Republic of Ireland, Bord Gáis Energy is also increasing its gas and electricity prices from 9 October.

A typical electricity bill will rise by 8.8% and a typical gas bill by 9.3%.