Yuno Energy, Ireland’s newest electricity provider, has announced a further reduction in prices in response to falling wholesale prices.
The pay-as-you-go supplier, which is operated by the company behind PrepayPower, said it is now offering a new fixed rate targeted at new customers, which is 5 per cent cheaper than the company’s previous lowest rate.
The new unit rate for electricity is 31.55 cent per kWh (down from 33.35 cent per kWh), which the company claims “is the cheapest rate in the market”.
The total cost for a typical customer is estimated to be €1,590 per year which is €430 cheaper than the average standard rates from other suppliers, it said.
Chief executive Cathal Fay said: “The new rate will be particularly attractive to customers who haven’t switched energy provider in over a year.”
The company said customer recruitment was “going well” and the response to its app (which allows customers to track actual energy costs against budgeted energy costs) has been “extremely positive”.
“Customers know how much energy they use and precisely how much their bill will be throughout the month,” it said.
Yuno launched in August, claiming its new service could save Irish consumers more than €500 a year on their annual electricity bill. It is the first new market entrant in more than three years.
Yuno’s arrival came in the wake of figures showing electricity prices in Ireland were the highest in the EU at about 80 per cent above average.
Providers have been cutting their prices since then in response to falling prices on wholesale markets as the energy price shock recedes.
Yuno is operated by the same company behind Prepaypower, Ireland’s largest pay-as-you-go provider with over 180,000 electricity and 60,000 gas customers. It is a separate business that operates independently with its own app and a seven-day-a-week call centre.