Electricity costs in Northern Ireland may rise by as much as 30% this year.
The price hike could come as early as June. It follows news that consumers face a rise of 28% in the price of gas.
The Assembly's Enterprise and Trade Committee is meeting the Energy Regulator at Stormont to discuss the the escalating costs.
Energy Regulator Iain Osborne has been approached by NIE about the possible increase, which comes on top of rising food and petrol prices.
Mr Osborne told the Stormont committee: "Now is the time to have a serious discussion about the next step to meaningfully tackle fuel poverty and this needs political leadership.
"The regulator will respond constructively, as well as maintaining pressure on locally controllable costs.
"We also need to move fast to create some buffers against global energy trends."
He added that three-quarters of households relied on oil or coal for their heating and said a third were suffering from fuel poverty.
Meanwhile, it has been announced that gas bills in Northern Ireland are to leap by 28% next month.
Customers of natural gas supply company Phoenix Gas will see the average annual bill rise to £584 from 1 May - up £129 a year or about £2.48 a week.
Mr Osborne added: "Today's announcement is really driven by the underlying fuel costs and electricity is exposed to that in the same way as the gas industry.
"NIE will come to us and we will go down the same commenting process.
"Fundamentally we are probably looking at an increase later this year.
The Consumer Council has said that low income households in Northern Ireland could be put at crisis point by the increase in gas prices.
The council wants the assembly to consider what action it can take to support those on low incomes.
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