Business

Yuno Energy cuts fixed rate by 8% for new customers

Latest cut may increase pressure on rivals to further reduce prices

Electricity prices have fallen, but are still above levels seen before the spike that followed Russia's invasion of Ukraine. Photo: Bryan O Brien / The Irish Times

Ciara O'Brien
Wed Jan 3 2024 - 07:39

Yuno Energy, Ireland’s newest electricity provider, has cut the fixed rate for its electricity services for new customers, with an 8 per cent reduction on previous costs.

The company said it will charge 28.93 cent per kWh, including Vat, down from the previous rate of 31.55 cent it introduced in November last year in response to falling wholesale electricity prices. Yuno says the new rate, which is available on its 24-hour standard rate tariff, makes it up to €500 cheaper per year for the average electricity user compared to standard rates offered by other providers in the market, with an average annual bill of €1,480.

The company is targeting people who have not changed electricity supplier in more than a year. Electricity companies offer a range of discounts to the unit rates for customers who sign up for a set period of time, usually 12 months, and who avail of online billing, direct debit payments, and so on.

Yuno, which launched in Ireland in August last year, is operated by the company behind pay-as-you-go energy provider Prepaypower. Its arrival came in the wake of figures showing electricity prices in Ireland were the highest in the EU, although wholesale rates have fallen since, leading to a number of price cuts by suppliers in the Irish market.

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The service is app-based, with users billed at the start of the month based on predicted usage, with any reduction in usage credited at the end of each month. Customers can use the app to monitor their usage during the month and save energy by changing their habits.

“We have been delighted with the success of our launch. We’ve beaten our target of attracting over 10,000 customers to Yuno Energy between our launch in August and the end of December,” said Cathal Fay, Yuno chief executive.

The latest move is likely to put further pressure on energy companies to pass on further savings to customers.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist

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